Gan had a call with U.S. Secretary of Commerce Howard Lutnick on Friday and Lutnick expressed concern about export controls of chips “not just to Singapore, but generally” and wanted to explore “creative solutions” to strengthen bilateral trade, according to a transcript published by the trade ministry on Sunday.
He added that Singapore does not condone companies taking advantage of their presence in Singapore to undermine U.S. export controls.
“I think these two areas are very important and it is something that we are very happy to see there is progress being made in our discussion between Singapore and the U.S.,“ said Gan, stressing that it was “not a done deal yet”.
Singapore faces a 10% levy from the U.S. despite a bilateral free trade agreement, compared to much steeper tariffs imposed on its neighbours, and has warned of uncertainty in its trade-reliant economy and the possibility of recession and job losses.
Singapore is holding a general election on May 3 amid this softening outlook with cost of living pressures high on the electorate's minds.
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