An AmChamSG member survey showed 69% expect the tariffs to have a moderate or significant negative impact.
The American Chamber of Commerce in Singapore (AmChamSG) called on the United States and Singapore to have meaningful trade talks to ensure policies foster economic prosperity, supply chain security, and a stable business environment following the announcement of Trump's reciprocal tariffs.
In a recent AmChamSG member survey, 69% reported that tariffs have a moderate or significant negative impact on their company, whilst 83% said it is harmful to the business environment.
The chamber noted there are close to 6,000 US companies operating in Singapore, many of which use the city-state as their regional hub for Asia-Pacific business activities.
Moreover, primary concerns include cost increases, supply chain disruptions, and increased regulatory complexities, with many planning to pass on costs to consumers.
“The United States and Singapore share a robust economic relationship underpinned by the US-Singapore Free Trade Agreement (USSFTA), which came into effect in 2004,” AmChamSG Chairman Elisa Mallis said.
The chamber added that in 2021, US-Singapore trade almost tripled from $83b in 2004 to $207b. In 2023, US-Singapore goods and services trade totalled over $131b, with US exports to Singapore reaching nearly $80b—a trade surplus for the United States.
Source: Singapore Business Review
Share:
<p>Time: 2024 By: Ministry of Industry and Trade</p>
