For subscribers
News analysis
Trump’s new focus on consumption taxes may entangle Singapore in his global trade war
Sign up now: Get ST's newsletters delivered to your inbox
According to the Office of the United States Trade Representative, US-Singapore goods trade totalled an estimated US$89.2 billion in 2024.
ST PHOTO: BRIAN TEO
Follow topic:
SINGAPORE - A social media post by US President Donald Trump has opened the door, at least in theory, to a potential tax on the tens of billions’ worth of goods the US imports from Singapore.
On Feb 16, just days after announcing his plans to impose reciprocal tariffs on any country that levies the import of US goods at a higher rate than the US, Mr Trump wrote on Truth Social: “For purposes of this United States policy, we will consider countries that use the VAT (value-added tax) system, which is far more punitive than a tariff, to be similar to that of a tariff.”
