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Singapore’s economic gallop may turn to a trot as US tariffs hamstring global trade

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Asian exporting nations, including Singapore, being the most exposed to US final demand, are likely to suffer the most.

Asian exporting nations including Singapore, being the most exposed to US final demand, are likely to suffer the most.

ST PHOTO: BRIAN TEO

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SINGAPORE - Singapore’s export-driven economy is finally showing signs of burnout, after galloping for most of 2025 as panicked exporters tried to get ahead of US President Donald Trump’s trade-busting tariffs.

Recently released data showing

an 11.3 per cent slide in non-oil domestic exports (Nodx) in August

was probably one of the first signs of a series of anaemic economic numbers from Singapore for the rest of 2025.

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