New 15% US tariff likely to apply to Singapore, says DPM Gan Kim Yong

“Our economic strategy review plays a very important part in charting the path forward to strengthen our competitiveness and deepen our resilience, and this is an important part of the work,” said Mr Gan, who is also Trade and Industry Minister. 

On Friday, the US Supreme Court struck down the president’s “Liberation Day” tariffs, ruling that the International Emergency Economic Powers Act did not grant him the authority to impose them.

The White House responded by invoking Section 122 of the Trade Act of 1974, ordering a 10 per cent global tariff for 150 days from Feb 24 – before Mr Trump announced on his Truth Social platform the rate would be lifted further to 15 per cent.

Certain products are exempted from the new tariffs, including energy products, pharmaceuticals and active pharmaceutical ingredients, some electronics and aerospace items, as well as metals used in currency and bullion. Semiconductors and pharmaceuticals are excluded as they may fall under separate Section 232 tariffs, which have not yet been implemented.

The Ministry of Trade and Industry said it is monitoring developments and will seek clarity from US authorities on implementation details, including whether processes for tariff refunds will be put in place.

The ministry noted that according to US Census Bureau data, the US ran a goods trade surplus of US$3.6 billion with Singapore in 2025, higher than the surplus of US$1.9 billion in 2024.