Companies pharmaceuticals Singapore They are seeking clarification on whether they would qualify for exemption from the high tariffs imposed by the United States about their products, said Singapore Prime Minister Gan Kim Yong on Saturday (27).
Singapore exports about $ 4 billion from Singapore (US $ 3.10 billion) In US pharmaceutical products, and told Gan, who is also Minister of Commerce, to reporters.
US President Donald Trump announced on Thursday that
This is a concern for Singapore, as pharmaceutical products represent about 13% Of all exports to the US, Gan said.
He said that what can qualify them for a tariff exemption.
Gan, who met with US Secretary of Commerce, Howard Lutnick in August, said commercial negotiations with the US is underway, with authorities on both sides working in detail of possible agreements for the pharmaceutical and semiconductor sectors.
“Ultimately, we hope to get an agreement with the US that allows us to remain competitive in the US market and that our pharmaceutical companies can continue to export to the US market. The question of whether the fare will be 15% or any other fare is part of the negotiation, but we hope to have some preferential treatment compared to the current maximum tariff imposed by the US,” Gan said.
Singapore exports to the US are subject to a basic tariff of 10%, Despite the free trade agreement in force with the island nation since 2004.
Largest sectoral tariffs can undermine demand for Singapore products, including semiconductors, consumer electronics and pharmaceutical products, which the Central Bank said in July that represent about 40% of exports to the United States.
The effective US fare of Singapore exports rose from 6.8% in April to 7.8% in July, due to steel and aluminum tariff increases.
