Singapore's Gan warns firms that US tariffs may stay after Trump
(Bloomberg) – Singapore's Deputy Prime Minister Gan Kim Yong warned that US tariffs may outlast President Donald Trump, urging businesses to adapt to a more protectionist global trade landscape.
'We cannot bank on the possibility that the tariffs will go away after four years with a different US administration,' he said in a speech at a conference in the city-state Thursday. 'There is growing bipartisan consensus within the US on the use of tariffs to achieve fair and balanced trade with the world.'
The levies may be here to stay and exports to the US will cost more for some time, Gan said. 'Businesses must be prepared for greater scrutiny over their production and supply chains,' said Gan, who is also Singapore's trade minister.
The remarks follow Trump's announcement of a trade deal with Vietnam after weeks of diplomacy and as trading partners race to cut agreements with the US ahead of a July 9 deadline. The pact with Vietnam risks provoking retaliatory steps from China, according to Bloomberg Economics.
'The US wants fair and balanced trade with the rest of the world,' Gan said, adding that Washington has asked these countries to buy more goods from the US. 'That does not mean the US is not concerned about free trade, or more specifically, trade barriers against its exports – in fact, the US is also looking to address non-tariff barriers in these discussions.'
Prime Minister Lawrence Wong in April expressed disappointment over the proposed 10% tariff on exports from Singapore, saying 'these are not actions one does to a friend.'
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
South Korea orders SK Telecom to strengthen data security after leak
SEOUL (Reuters) -South Korean authorities ordered on Friday SK Telecom to strengthen data security and imposed a fine after the country's biggest mobile carrier was hit by a cyberattack that caused the leak of 26.96 million pieces of user data. The measures come after SK Telecom in April disclosed that it had suffered a major leak of customer data caused by a malware attack. The Ministry of Science and ICT said on Friday that it will impose a fine of up to 30 million won ($21,970), and SK Telecom must enforce security measures at least once a quarter, have its chief executive officer directly oversee data governance, and increase personnel and investment in data security. "This... was a wake-up call for information protection not only in the domestic telecommunications industry but also in the overall network infrastructure," Science Minister Yoo Sang-im said in a statement issued after an investigation by the ministry. SK Group Chairman Chey Tae-won apologised last month for the data leak and SK Telecom said it would take full responsibility for any harm caused as a result of the breach, which has caused alarm among its 23 million users over the possible theft of personal and financial information. The mobile carrier said it would start offering free universal subscriber identity module (USIM) replacements to all 23 million users for free at more than 2,600 retail stores nationwide following the cybersecurity breach. About 9.39 million users have replaced their USIMs as of late June, according to SK Telecom.
Yahoo
11 minutes ago
- Yahoo
Russia launches record number of drones at Ukraine after latest Trump-Putin phone call
Russia launched a record number of drones at Ukraine overnight into Friday, striking multiple buildings and residential areas, hours after US President Donald Trump said he had made 'no progress' towards a ceasefire deal in a phone call with his Russian counterpart Vladimir Putin. At least 23 people were wounded in the attack, which lasted 13 hours, according to Kyiv city and military authorities. Ukraine intercepted 476 out of a record 539 Russian drones, according to the country's air force. It said Russia also launched 11 cruise and ballistic missiles. Thousands of residents spent the night in shelters, including in subway stations or underground parking lots, as explosions and the sound of drones echoed through the city in the early hours of Friday morning. 'Absolutely horrible and sleepless night in Kyiv. One of the worst so far,' said Ukraine's Minister of Foreign Affairs Andrii Sybiha. The strikes sparked fires in buildings and structures across several city districts, and partially destroying multi-story buildings, according to the State Emergency Service of Ukraine. They also destroyed part of Kyiv's railway, and damaged five ambulances that were responding to calls from those wounded. In recent weeks, Russia has launched near-nightly air attacks on Ukraine involving hundreds of missiles and drones. Earlier this week Ukraine's foreign minister said that in June alone, Russia launched over 330 missiles, including nearly 80 ballistic missiles, 5,000 combat drones, and 5,000 gliding bombs against Ukraine. Before Friday, the last record-setting night of attacks came just five days ago – when Russia fired 537 drones and missiles at Ukraine. On Thursday, Trump held a nearly hour-long call with Putin and voiced frustration afterward about the stalled ceasefire negotiations. 'We had a call. It was a pretty long call. We talked about a lot of things, including Iran and we also talked about, as you know, the war with Ukraine,' Trump said. 'I'm not happy about that.' Asked if he felt he made progress with Putin on a deal with Ukraine, Trump said firmly: 'No.' He added, 'I didn't make any progress with him today at all.' Trump said he would speak with Ukrainian President Volodymyr Zelensky early Friday morning, saying he was 'very disappointed' with his conversation with Putin, whom he believes is 'not looking to stop' the war. The strikes come as the Trump administration pauses some weapons shipments to Ukraine, including air defense missiles, following a review of military spending and American support to foreign countries. Trump acknowledged said that the decision had been made to protect US stockpiles. The US has been the biggest single donor of military aid to Ukraine since Russia launched its full-scale invasion in 2022, supplying Ukraine with air defense systems, drones, rocket launchers, radars, tanks and anti-armor weapons, leading to concerns over dwindling US stockpiles. But the balance of aid to Ukraine has changed significantly since Trump returned to power, casting doubt over the future of US support for Kyiv. Trump and Putin did not discuss the pause in shipments to Ukraine during their call, according to Russian state media TASS, citing a Kremlin aide. However, Trump brought up ending the war 'as early as possible' – to which Putin responded that Russia would not 'back down' from its war goals in Ukraine, according to TASS.
Bloomberg
15 minutes ago
- Bloomberg
Japan Sees Biggest Jump on Record in Individual Shareholdings
The number of individual shareholdings in Japan surged 12% to a fresh record of 83.6 million last fiscal year as the country's tax-free NISA savings program expanded and people were able to invest smaller amounts of money. That's an increase of 9.14 million from the previous year, according to an annual share ownership survey by Japan Exchange Group Inc., or JPX, which runs the country's major bourses. It's also the biggest jump in the number of individual holdings since it started compiling the data in 1949.
