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
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)
| 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 |
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)
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
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
EU’s 20% tariff means pricier French wines, German cars, Italian handbags—bad news for Orchard Road retailers
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)
Gold (+3% post-announcement) and USD are safe havens
Real estate: Commercial properties may benefit if manufacturers relocate to Singapore
Core inflation (now 3.4%) could spike further—MAS may tighten monetary policy
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.
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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