10% US tariffs on S'pore & other countries kick in, S&P 500 sheds S$6.7 trillion in 2 days

The 10 per cent tariff imposed on Singapore by the U.S. has kicked in.

This means any exports from Singapore to the U.S. will face a 10 per cent tax borne by the importer in the U.S.

The tariffs were announced by U.S. President Donald Trump on Apr. 3, 2025.

Hang tough

Trump compared the tariffs to "surgery" on social media platform Truth Social and implored Americans to hang  tough in anticipation of a "historic result."

The tariff announcement has roiled stock markets worldwide, leading to the Dow Jones plummeting by over 2,200 points, the worst since the start of the Covid-19 pandemic in 2020, with the S&P 500 losing over US$5 trillion (S$6.7 trillion) in value in two days.

JP Morgan analysts rated the chance of a U.S. and a broader world economy recession in the upcoming year at 60 per cent following the announcement, especially if other countries react with retaliatory tariffs.

China, who was hit with a 34 per cent tariff on top of existing 20 per cent tariff, has already announced a tariff of 34 per cent on all imports from the U.S.

Here are the countries who face a 10 per cent tariff, same as Singapore:

• United Kingdom
• Singapore
• Brazil
• Australia
• New Zealand
• Turkey
• Colombia
• Argentina
• El Salvador
• United Arab Emirates
• Saudi Arabia

Global trade war warning

Prime Minister Lawrence Wong warned of the risks of a global trade war on Apr. 4.

"If other countries adopt the same approach as the U.S — abandoning the WTO, and trading only on their preferred terms, country by country — it will spell trouble for all nations, especially small ones like Singapore.

We risk being squeezed out, marginalised, and left behind."

Deputy Prime Minister Gan Kim Yong said Singapore would not respond with retaliatory tariffs but engage their U.S. counterparts to see if they can resolve any concerns of the Trump Administration.

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Top image by Andrew Leyden / NurPhoto / NurPhoto via AFP