Singapore Says No Economic Justification for US Tariffs Amid Trade Surplus
MT Newswires07-24
Singapore is pushing back firmly against potential U.S. trade barriers, arguing that bilateral economic fundamentals leave no rationale for tariffs.
Speaking after ASEAN foreign ministers' meetings in Manila, Balakrishnan said he told Rubio that the U.S. runs a growing trade surplus with Singapore, making tariffs unjustified on technical or economic grounds.
He added that while Washington may have domestic reasons for raising tariff revenue, Singapore wanted to ensure it did not become "collateral damage" as the US increased tariffs on its trading partners.
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