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Trump’s “Liberation Day” Tariffs: Sectors & Companies Most Exposed

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TLDR;

  • Singapore hit with 10% baseline tariff—higher than expected for a close U.S. ally
  • China faces 54% cumulative tariff (34% new + 20% existing)—ripple effects on Singapore’s China-linked supply chains
  • ASEAN neighbors hammered: Vietnam (46%), Thailand (36%), Indonesia (32%)—regional manufacturing reshuffle likely
  • Tech & semiconductors in crosshairs: Taiwan (32%), South Korea (25%) tariffs disrupt chip flows
  • STI down 0.5% but outperforms Asia—Nikkei (-4%), KOSPI (-2.3%) plunge; gold/USD surge 

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars | Ap-business | wfmz.com

The “Nuclear Bomb” on Global Trade: What Just Happened?

President Trump’s “Liberation Day” tariffs impose a 10% baseline tax on all imports (effective April 5) and higher “reciprocal” rates on 60+ countries (effective April 9), targeting nations he accuses of “cheating” the U.S. through trade barriers

Singapore’s Direct Exposure

  • 10% tariff on all exports to the U.S. (e.g., pharmaceuticals, electronics, machinery)

  • No exemptions unlike Canada/Mexico (spared due to existing 25% tariffs)

  • Indirect shock via China: 54% tariff threatens Singapore’s $137B bilateral trade with China (20% of total)

List of Tariffs: Who’s Hit Hardest? 

Country New U.S. Tariff Cumulative Rate Key Exports at Risk
China 34% 54% (with 20% existing) Electronics, textiles, machinery
Vietnam 46% 46% Footwear, furniture, semiconductors
EU 20% 20% Cars (Germany), wine (France), luxury goods
Taiwan 32% 32% Semiconductor chips, tech components
Japan 24% 24% Autos, machinery
India 26% 26% Pharmaceuticals, rice, textiles
South Korea 25% 25% Cars, smartphones, displays
Thailand 36% 36% Rubber, electronics, auto parts
Indonesia 32% 32% Palm oil, textiles, coal
Singapore 10% 10% Pharmaceuticals, petrochemicals, electronics

Live updates: Trump announces sweeping new tariffs on imports on 'Liberation Day' | CNN Business

Sectors & Companies Most Exposed

1. Electronics & Semiconductors

  • Taiwan (32%) and South Korea (25%) tariffs threaten chip supplies to Singapore’s tech manufacturers 

  • Action: Diversify suppliers to Malaysia (24%) or reshore to Singapore (10% rate)

2. Pharmaceuticals

  • India’s 26% tariff risks drug shortages and higher costs for Singapore hospitals

  • Opportunity: Local pharma giants (e.g., Raffles Medical) may gain as U.S. seeks non-India suppliers

3. Shipping & Logistics

  • Vietnam (46%) and China (54%) slowdowns could dent PSA International and CMA CGM volumes

  • Watch: Freight rates may spike if ASEAN exporters reroute supply chains

4. Luxury & Consumer Goods

  • EU’s 20% tariff means pricier French wines, German cars, Italian handbags—bad news for Orchard Road retailers

Trump tariffs: Asian stocks drop, bonds jump as Trump tariffs sap risk - The Economic Times

What Can Singapore Investors Do?

1. Rebalance Portfolios

  • Reduce exposure: China-linked stocks (e.g., Yangzijiang, SIA Engineering)

  • Buy defensive plays: STI utilities (e.g., SP Group), healthcare (e.g., Singapore Medical Group)

2. Hedge Against Inflation

  • Gold (+3% post-announcement) and USD are safe havens

  • Real estate: Commercial properties may benefit if manufacturers relocate to Singapore

3. Watch for MAS Moves

  • Core inflation (now 3.4%) could spike further—MAS may tighten monetary policy

4. Supply Chain Shifts

  • Vietnam’s 46% pain = opportunity for Singapore to attract factories (e.g., electronics, textiles)

 

Trump’s tariffs mark the end of globalisation as we know it. For Singapore:

  • Short-term pain: Higher import costs, slower China trade

  • Long-term gain: If ASEAN supply chains pivot here.

Here’s the full list of 180+ countries affected by Trump’s reciprocal tariffs, courtesy: U.S. President Donald Trump Truth Social & The White House.

Also check out the list based on organised by region, with key sectors impacted and tariff rates. The data is synthesised from multiple sources, including the White House announcement and detailed reports from Newsweek, CNBC, and The Boston Globe here.

Chart of reciprocal tariffs.

Chart of reciprocal tariffs.

Chart of reciprocal tariffs.

Chart of reciprocal tariffs.

Chart of reciprocal tariffs.

Chart of reciprocal tariffs.

It’s important to note that tariff policies can evolve rapidly, and final rates may depend on negotiations or exemptions granted after initial announcements. For real-time updates, readers should consult official government statements or trusted news outlets.

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