Latest news with #VivianBalakrishnan
The Star
a day ago
- Business
- The Star
Singapore and the US still in early stages of tariff negotiations, says Vivian Balakrishnan
SINGAPORE: It will be some time yet before countries can know for certain the final shape of the United States' tariff regime against virtually all its trading partners. This is as, aside from the revisions and legal challenges to the trade barriers that have been announced, it is clear that the US is looking to conduct multiple rounds of bilateral negotiations with its trading partners, which will take time, said Foreign Minister Vivian Balakrishnan on Saturday (June 7). His meetings with US senators and members of Congress also showed there was bipartisan recognition between the Republicans and Democrats that trade, investment, intellectual property protection, reliability and supply chain security remain vital issues to the Americans, he added. In a Zoom call with the Singapore media to wrap up his five-day visit to Washington, Dr Balakrishnan said both sides reaffirmed the strong and stable bilateral relationship during his visit. 'The relationship with the United States is a vital, critical one for Singapore – it spans the entire gamut... the economy, defence, security, and we're also pursuing emerging opportunities in areas like cyber security and energy,' he said. 'So, it is a relationship which needs to be tended to, and attended to carefully.' In his meetings with senior US administration officials and members of Congress, Dr Balakrishnan conveyed Singapore's appreciation for the bipartisan support that enabled bilateral cooperation to flourish across a wide range of areas. Both sides also expressed commitment to continued constructive engagement and to advance cooperation in both traditional areas such as defence, as well as new and emerging areas such as critical technologies, the Ministry of Foreign Affairs said in a statement. Dr Balakrishnan told reporters he had fairly extensive discussions on tariffs during his visit, including their impact on open economies like Singapore, and that his US counterparts understood his perspective. At his meeting with US Secretary of State Marco Rubio on June 4, Dr Balakrishnan said he raised the impact of the US tariffs, and came away assured that the measures were not directed at Singapore. 'Nevertheless, I expressed our concern with the secondary impact, because any impact on global trade, any friction in the system, will have an impact on an open economy like ours, where our trading volume is three times our GDP,' he said. 'So that point needed to be made.' Manufacturing activity in Singapore shrank for the second consecutive month in May on the back of global trade uncertainty, according to purchasing managers' index figures released on June 2. Dr Balakrishnan said he 'made the point repeatedly' to his US counterparts that America has a trade surplus against Singapore, and that the city-state should not be subjected even to the baseline 10 per cent tariff. That said, Singapore is more concerned with sectoral tariffs, and will be looking at them 'very carefully' so as to minimise these as much as possible, he said. The majority of US President Donald Trump's sweeping 'Liberation Day' tariffs announced on April 2 have been paused for 90 days, but on June 4, Trump signed an order to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent. In May, Deputy Prime Minister Gan Kim Yong said there were early indications that Washington was open to discussing how the Republic could ensure a continued supply of semiconductors to the US, and that talks were on for preferential or even zero US tariffs on Singapore's pharmaceutical exports. Dr Balakrishnan said: 'We're still in the early stages of our discussions and negotiations, so let's watch this space.' Responding to a question from the media on whether he faced any challenges engaging US officials on his visit, he said there were no hurdles to interactions with the Americans. 'They were very welcoming, courteous. We got along in our own usual direct and constructive manner, so I have no anxiety on that front,' he said. The anxiety is that the world order that had prevailed for 80 years and which helped Singapore to succeed – premised on free trade and the free flow of investments – is clearly changing, and this period of transition is 'the time of greatest danger', he added. This is a time when the Republic needs to be alert and prompt in responding to change, said Dr Balakrishnan. 'And it is also important to interact frequently, candidly, openly and constructively with our interlocutors, and especially with a superpower which is of great strategic importance to us,' he added. 'So what's important is to recognise that situation has changed, to be able to have complete, comprehensive and candid conversations, and then for us to take the appropriate precautionary measures or to make the necessary adjustments domestically as well.' Prior to being in Washington, Dr Balakrishnan was in London, where he met the United Kingdom's Secretary of State for Foreign and Commonwealth Affairs David Lammy, with whom he discussed economic ties, geostrategic issues and potential areas of cooperation. - The Straits Times/ANN
Yahoo
a day ago
- Business
- Yahoo
US tariffs, export controls not directed at Singapore, says Rubio in meeting with Vivian
SINGAPORE – Foreign Minister Vivian Balakrishnan has raised the impact of America's tariffs and export controls with US Secretary of State Marco Rubio, who said these were not directed at Singapore. 'Nevertheless, there is a lot of work in the next few months to ensure that there are no adverse secondary impacts on Singapore, so we will have to continue to engage the administration very, very closely in the months ahead,' said Dr Balakrishnan in a statement after they met on June 4. Dr Balakrishnan is in Washington on a working visit. He and Mr Rubio had a 'substantive and wide-ranging discussion' on bilateral ties and international developments, said the Ministry of Foreign Affairs (MFA). It added that Dr Balakrishnan registered the impact of the US' tariff policy on Singapore as a small and open economy that is highly dependent on trade, and the Republic's commitment to constructive engagement with the US to find mutually beneficial arrangements, including on pharmaceutical exports. In May, Deputy Prime Minister Gan Kim Yong said preferential or even zero tariffs on Singapore's pharmaceutical exports to the US are possible concessions that emerged in ongoing talks between the countries. However, the secondary impact has already hit the Republic, with Singapore's factory activity contracting for a second month in May off the back of US President Donald Trump's tariffs continuing to threaten the global economy. The majority of Mr Trump's sweeping global tariffs have been paused for 90 days, with the pause expected to expire at the start of July. On June 4, Mr Trump signed an order to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent. During their meeting, Dr Balakrishnan and Mr Rubio also reaffirmed the longstanding and substantive bilateral relationship between the two countries in traditional areas of the economy, defence and security, as well as emerging areas such as critical technologies, energy and artificial intelligence. MFA said they also discussed other potential areas for collaboration, such as when the US holds the presidency for the Group of 20 major economies in 2026 and how Singapore can contribute to US priorities in meaningful and practical ways. In a separate statement, a spokesperson for Mr Rubio said he reaffirmed the strength of the US-Singapore strategic partnership and the shared commitment of both countries to a 'safe, secure and prosperous Indo-Pacific region'. Dr Balakrishnan is on a working visit to London and Washington from June 3 to 7, aimed at advancing bilateral cooperation in traditional and emerging areas of mutual interest. His visit to Washington – where he will meet senior administration officials, members of Congress and other senior personalities – is the first ministerial visit from Singapore to the US following both governments' new terms in office. He will also participate in a fireside chat hosted by US think-tank Hudson Institute, to discuss how the US can deepen engagement with Singapore and the region. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Malay Mail
a day ago
- Business
- Malay Mail
Singapore watching US tariff talks ‘very carefully', says foreign minister
SINGAPORE, June 7 — The United States' evolving tariff regime remains in flux and it will take time before the full picture becomes clear, said Singapore's Foreign Minister Dr Vivian Balakrishnan, following a five-day official visit to Washington. Speaking to The Straits Times, among other Singapore media, via Zoom today, Dr Balakrishnan said ongoing revisions, legal challenges and a likely series of bilateral negotiations with different trade partners mean the eventual shape of American tariffs is still being worked out. His meetings with senior US officials, senators and members of Congress revealed bipartisan agreement in the US on the importance of trade, investment, intellectual property, reliability, and secure supply chains. 'The relationship with the United States is a vital, critical one for Singapore — it spans the entire gamut... the economy, defence, security, and we're also pursuing emerging opportunities in areas like cyber security and energy,' he reportedly said. 'So it's a relationship which needs to be tended to, and attended to carefully.' Singapore and the US reaffirmed their strong bilateral ties during his visit, said Dr Balakrishnan, with both sides committed to deeper cooperation in areas such as defence and critical technologies, according to the Ministry of Foreign Affairs. A key topic during discussions was the impact of US tariffs on global trade, especially for small, open economies like Singapore. 'Any impact on global trade, any friction in the system, will have an impact on an open economy like ours, where our trading volume is three times our GDP,' he reportedly said. Dr Balakrishnan noted the US has a trade surplus with Singapore and should not impose even the baseline 10 per cent tariff. He said sector-specific duties were more concerning and would be closely scrutinised. 'We're still in the early stages of our discussions and negotiations, so let's watch this space,' he added. His visit came as the US trade outlook remains uncertain. President Donald Trump's wide-ranging 'Liberation Day' tariffs, unveiled on April 2, have been paused for 90 days, but on June 4, he signed an order doubling tariffs on steel and aluminium imports from 25 per cent to 50 per cent. Singapore's manufacturing sector has already been feeling the strain. On June 2, purchasing managers' index figures showed a second straight month of contraction in factory activity, reflecting the drag from trade instability. Dr Balakrishnan also noted signs of openness from Washington. In May, Deputy Prime Minister Gan Kim Yong said early talks were under way about ensuring semiconductor supply and potentially zero tariffs on pharmaceutical exports. Asked about challenges in engaging US officials, Dr Balakrishnan said: 'They were very welcoming, courteous... I have no anxiety on that front.' But he warned the global order that underpinned Singapore's success — based on free trade and capital flows — is shifting. 'The anxiety is that the world order that had prevailed for 80 years... is clearly changing, and this period of transition is the time of greatest danger.' Singapore must stay alert and ready to adapt quickly, he said. 'It is also important to interact frequently, candidly, openly and constructively with our interlocutors, and especially with a superpower which is of great strategic importance to us,' he added. Before Washington, Dr Balakrishnan visited London, where he met British Foreign Secretary David Lammy to discuss economic ties, strategic issues and potential cooperation.
CNA
a day ago
- Politics
- CNA
Singapore exploring 'worst-case scenario' solutions for its Harvard students: Vivian Balakrishnan
SINGAPORE: Singapore is trying to find solutions to deal with the "worst-case scenario" where Singaporean Harvard University students are not able to physically study in Boston, Minister for Foreign Affairs Vivian Balakrishnan said on Saturday (Jun 7). His ministry will continue to seek clarification on international student visas with the US State Department and Department of Homeland Security, he told reporters, though he made no promises that the matter would be resolved in time. Dr Balakrishnan on Saturday completed a four-day working visit to Washington DC. This was the first ministerial visit to the US since both countries elected new governments. Harvard's ability to enrol international students was thrown into turmoil last month after the US government said it would block the university from accepting foreign students, affecting study plans. Though all Singaporean students are set to be affected by the visa issue and possible delays in processing their applications, those studying at Harvard have the "greatest concern", and Singapore's ambassador to the US, Mr Lui Tuck Yew, has held a virtual townhall with them. "We are also trying to find solutions to deal with the worst-case scenario where they would not be able to physically study in Boston," Dr Balakrishnan said, adding that the ministry has some ideas about how to help the students deal with that "without impairing their academic and professional progress". Those who are not in the US yet and have not secured visas may need to have backup plans, he said. "But my main point is we will stay in touch, and we will continue to keep you informed." A court on Thursday ruled that the government cannot enforce US President Donald Trump's latest move to bar most new international students at Harvard from entering the country, following legal action by the university. Beyond Harvard, Reuters also reported last month that the US ordered its consular offices to stop scheduling new visa interviews for students and exchange visitors. "I am not in a position to give any guarantees that this will be resolved in time," said Dr Balakrishnan, when asked about contingencies being planned for Singaporean students. He noted that it is already June, and the academic year in the US usually begins in August. "We will have to watch this space, but rest assured that we will continue to do our best to try to at least get clarification, get certainty ... (and) thereafter, give our students specific advice," he said. Dr Balakrishnan said he hoped that there will be clarifications from US authorities in the next few days, but that these are domestic political issues. "The situation confronting our students is not confined to Singapore, but indeed to all international students," he said. "It is not directed at us. Nevertheless, you can become affected as collateral damage." He added that it is in the interest of both countries keep opportunities open to Singaporeans who want to study and even work in the US. "I hope we will be able to find suitable solutions for our students who want to pursue educational opportunities in the United States." "NO HURDLES" Dr Balakrishnan also said there were no challenges in interacting with his US counterparts during his trip. "There were no hurdles or impediments interacting with the Americans ... We got along in our own usual direct and constructive manner," he said, adding that there was no anxiety on that front. "The anxiety is that we have reached the end of a world order that has prevailed for 80 years, and we are now in a period of transition to a new world order." Singapore has benefited from open trade and free flow of investments and the multilateral rules-based order, he said. "That is clearly changing, and the time of greatest danger is the interregnum – the transition period from one world order to the next. That is why this is a time where we need to be alert, we need to keep our eyes and ears open, and we need to respond promptly and quickly to changes." It is also important to interact frequently, candidly, openly and constructively, especially with a superpower which is of "great strategic importance to us", he said. In response to a question on how tariff discussions are going, Dr Balakrishnan said it will take time because the US is looking for multiple rounds of negotiation with its trading partners. Based on conversations with senators and members of Congress from the two major US political parties, there is still a recognition that trade, investment, intellectual property protection, reliability and supply chain security are vital issues, he said. "Do not just look at the headline numbers of what the tariffs are, but rather think about the primary considerations and anxieties of policy makers across the whole world," he said. Negotiators from different countries have to exercise discretion and care in how they seek to preserve and protect their national interests.
Straits Times
a day ago
- Business
- Straits Times
Singapore and the US still in early stages of tariff negotiations, says Vivian Balakrishnan
Foreign Minister Vivian Balakrishnan said he had fairly extensive discussions on tariffs during his visit to the US. ST PHOTO: JASON QUAH Singapore and the US still in early stages of tariff negotiations, says Vivian Balakrishnan SINGAPORE – It will be some time yet before countries can know for certain the final shape of the United States' tariff regime against virtually all its trading partners. This is as, aside from the revisions and legal challenges to the trade barriers that have been announced, it is clear that the US is looking to conduct multiple rounds of bilateral negotiations with its trading partners, which will take time, said Foreign Minister Vivian Balakrishnan on June 7. His meetings with US senators and members of Congress also showed there was bipartisan recognition between the Republicans and Democrats that trade, investment, intellectual property protection, reliability and supply chain security remain vital issues to the Americans, he added. In a video call with the Singapore media to wrap up his five-day visit to Washington, Dr Balakrishnan said both sides reaffirmed the strong and stable bilateral relationship during his visit. 'The relationship with the United States is a vital, critical one for Singapore – it spans the entire gamut ... the economy, defence, security, and we're also pursuing emerging opportunities in areas like cyber security and energy,' he said. 'So it's a relationship which needs to be tended to, and attended to carefully.' In his meetings with senior US administration officials and members of Congress, Dr Balakrishnan conveyed Singapore's appreciation for the bipartisan support that enabled bilateral cooperation to flourish across a wide range of areas. Both sides also expressed commitment to continued constructive engagement and to advance cooperation in both traditional areas such as defence, as well as new and emerging areas such as critical technologies, the Ministry of Foreign Affairs said in a statement. Dr Balakrishnan told reporters he had fairly extensive discussions on tariffs during his visit, including their impact on open economies like Singapore, and that his US counterparts understood his perspective. At his meeting with US Secretary of State Marco Rubio on June 4, Dr Balakrishnan said he raised the impact of the US tariff s, a nd came away assured that the measures were not directed at Singapore. 'Nevertheless, I expressed our concern with the secondary impact, because any impact on global trade, any friction in the system, will have an impact on an open economy like ours, where our trading volume is three times our GDP,' he said. 'So that point needed to be made.' Manufacturing activity in Singapore shrank for the second consecutive month in May on the back of global trade uncertainty, according to purchasing managers' index figures released on June 2. Dr Balakrishnan said he 'made the point repeatedly' to his US counterparts that America has a trade surplus against Singapore, and that the city-state should not be subjected even to the baseline 10 per cent tariff. That said, Singapore is more concerned with sectoral tariffs, and will be looking at them 'very carefully' so as to minimise these as much as possible, he said. The majority of US President Donald Trump's sweeping 'Liberation Day' tariffs announced on April 2 have been paused for 90 days, but on June 4, Mr Trump signed an order to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent. In May, Deputy Prime Minister Gan Kim Yong said there were early indications that Washington was open to discussing how the Republic could ensure a continued supply of semiconductors to the US, and that talks were on for preferential or even zero US tariffs on Singapore's pharmaceutical exports. Dr Balakrishnan said: 'We're still in the early stages of our discussions and negotiations, so let's watch this space.' Responding to a question from the media on whether he faced any challenges engaging US officials on his visit, he said there were no hurdles to interactions with the Americans. 'They were very welcoming, courteous. We got along in our own usual direct and constructive manner, so I have no anxiety on that front,' he said. The anxiety is that the world order that had prevailed for 80 years and which helped Singapore to succeed – premised on free trade and the free flow of investments – is clearly changing, and this period of transition is 'the time of greatest danger', he added. This is a time when the Republic needs to be alert and prompt in responding to change, said Dr Balakrishnan. 'And it is also important to interact frequently, candidly, openly and constructively with our interlocutors, and especially with a superpower which is of great strategic importance to us,' he added. 'So what's important is to recognise that situation has changed, to be able to have complete, comprehensive and candid conversations, and then for us to take the appropriate precautionary measures or to make the necessary adjustments domestically as well.' Prior to being in Washington, Dr Balakrishnan met the United Kingdom's Secretary of State for Foreign and Commonwealth Affairs David Lammy in London, with whom he discussed economic ties, geostrategic issues and potential areas of cooperation. Join ST's WhatsApp Channel and get the latest news and must-reads.
