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Singapore's Deputy Prime Minister and Minister for Trade and Industry, Ian Goh, disclosed that Singapore is in negotiations with the United States to secure favorable terms for pharmaceutical exports and to obtain assurances regarding the supply of high-end AI chips. Goh pledged that Singapore will rigorously enforce export controls and will not condone any violation of U.S. export regulations by its companies. He highlighted the significance of securing concessions on pharmaceutical tariffs, given that pharmaceuticals constitute over 10% of Singapore's exports to the United States. Despite having signed a bilateral free trade agreement, Singapore still grapples with a 10% tariff imposed by the United States, which introduces uncertainty into trade relations and could potentially exacerbate risks of economic downturn and unemployment.
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