The Straits Times·3 min read·medium
S'pore businesses hit by higher 12.5% US tariffs
A
Annabelle Liang
✦AI Summary
Singaporean businesses are facing significant financial strain due to a new 12.5% US tariff imposed following an investigation into forced labor concerns. Local entrepreneurs report that these trade barriers have drastically reduced their export volumes to the US market.
T.K. Khor (left), owner of Outsource Asia Industries, with his business partners. He said the Trump administration’s tariff salvo has already cost him a chunk of business as some clients refused to take on the higher costs.
businesspoliticseconomy
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