SINGAPORE TO SEEK CLARITY FROM US OVER NEW 15 PCT GLOBAL TARIFF

SINGAPORE, Feb 22 (Bernama) -- The Singapore government said it will consult with its United States (US) counterparts to seek clarification on the implementation of the newly announced 15 per cent tariff on all goods entering the country, local media reported.

The republic will also request further details on the process for potential tariff refunds after the US Supreme Court recently rejected US President Donald Trump’s authority to impose tariffs under a 1977 economic emergency powers law, according to The Straits Times (ST).

“The Singapore government is monitoring the situation closely and will engage our US counterparts to seek clarity on the implementation of the new Section 122 tariffs and processes for tariff refunds," the spokesperson of Ministry of Trade of Industry said on Sunday.

On Saturday, Trump said he would raise the global tariff to 15 per cent from 10 per cent, following a US Supreme Court ruling that struck down most of his earlier trade measures.

In a post on Truth Social, Trump said the increase will be imposed under Section 122, would take effect immediately and would be over and above existing tariffs.

Meanwhile, CNA reported that Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has urged the country to prepare for a fundamentally changed global trade environment.

"It is important for us to continue to remind ourselves...we need to prepare for the long term, and this is the new world that we are facing.

"Our economic strategy review plays a very important part in charting the path forward to strengthen our competitiveness and deepen our resilience, and this is an important part of the work," he said.

-- BERNAMA