Singapore spared from worst-case scenario on Trump tariffs, but may be hit by global trade slowdown

Singapore’s exports and growth outlook is still likely to be hit from a global slowdown in trade and demand for goods. - ST

SINGAPORE: Markets tumbled across Asia after US President Donald Trump unveiled a universal tariff of 10 per cent on all imports into the US, including those from Singapore.

While Singapore avoided much harsher levies, such as a total of 54 per cent on China, 24 per cent on Japan and 25 per cent on South Korea, analysts believe that advantage will pale in comparison to the hit on Singapore’s exports and growth outlook from a global slowdown in trade and demand for goods.