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

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

ST PHOTO: BRIAN TEO

Ovais Subhani

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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.

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

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