Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Friday, February 21, 2025
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Singapore to see ‘limited’ direct impact from US tariffs: Gan Kim Yong

February 19, 2025
in News
Reading Time: 3 mins read
A A
Singapore to see ‘limited’ direct impact from US tariffs: Gan Kim Yong
0
SHARES
ShareShareShareShareShare

READ ALSO

Meta approves plan for bigger executives bonuses following 5% layoffs

Rivian (RIVN) earnings Q4 2024

Gan Kim Yong, Singapore’s deputy prime minister, during a panel session, at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2025. The annual Davos gathering of political leaders, top executives and celebrities runs from January 20 to 24. 

Bloomberg | Bloomberg | Getty Images

Singapore will likely see only a “limited” direct impact from U.S. tariffs as the country runs a trade deficit with the U.S., the country’s deputy prime minister said.

In 2024, the U.S. had a trade surplus with Singapore of $2.8 billion.

However, Gan Kim Yong, Singapore’s deputy prime minister and minister for trade and industry said that the city-state “cannot underestimate” the impact of tariffs in the longer term.

Speaking in an exclusive interview with CNBC’s “Squawk Box Asia,” Gan highlighted that companies could decide to change their production base. In turn, supply chains and trade patterns will shift, causing “greater friction and greater cost” in the global economy that may slow it down.

When asked if tariffs will affect Singapore’s growth projection, Gan said that Singapore does not take its economic forecast for granted and continually works towards meeting, or even exceeding, its target.

“We try to push the economy a little bit further and hope that we can perform better than we projected,” Gan said, adding that the country will also “prepare to give some room, should there be any disruptions to the economy.”

Singapore’s economy is heavily dependent on trade, with the country boasting a trade-to-GDP ratio of over 300%, one of the highest globally.

Gan’s comments come a day after Singapore Prime Minister Lawrence Wong announced the country’s budget for its 2025 fiscal year. It unveiled a slew of support measures for households and businesses to cope with cost-of-living pressures, as well as schemes to support the development of local companies.

One notable announcement made by Wong in the budget speech was that Singapore would study the potential deployment of nuclear power in the country, after having initially assessed in 2010 that conventional nuclear energy was unsuitable for the city-state.

Singapore to see ‘limited’ direct impact from US tariffs: Gan Kim Yong

Gan told CNBC that the main consideration for Singapore was the safety and maturity of nuclear technology, also noting that Singapore’s small land size prevents it from having a large safety buffer zone, such as those in traditional nuclear plants.

The island of 456.3 square miles relies on mainly liquified natural gas to fuel its energy needs. In 2023, around 95% of its energy generation came from LNG. Most of Singapore’s natural gas comes from Malaysia and Indonesia.

The remaining 5% of electricity supply is generated by a mix of of coal, oil, solar and waste.

Hence, Singapore is observing the development of small modular reactors, or SMRs, to assess if they are suitable for the country.

“It all depends on the development of technology, for example, how we can commercialize the SMRs to make sure that they’re viable and they are suitable for us?,” Gan said.

While he did not specify how long it would be before Singapore implements nuclear energy, if at all, Gan said, “It will take time for ourselves to be ready for the SMRs when the technology is available,” he said. “Even preparation of sites will take time.”

Credit: Source link

ShareTweetSendSharePin
Previous Post

Yankees want Jazz Chisholm to have permanent position

Next Post

Brittney Griner pulls out of speaking engagement after concerning message at Maryland hotel

Related Posts

Meta approves plan for bigger executives bonuses following 5% layoffs
News

Meta approves plan for bigger executives bonuses following 5% layoffs

February 21, 2025
Rivian (RIVN) earnings Q4 2024
News

Rivian (RIVN) earnings Q4 2024

February 21, 2025
Amazon surpasses Walmart in revenue for first time
News

Amazon surpasses Walmart in revenue for first time

February 20, 2025
OpenAI CFO on possibility of going public, Musk takeover bid
News

OpenAI CFO on possibility of going public, Musk takeover bid

February 20, 2025
How natural gas could help solve the India-U.S. trade dispute
News

How natural gas could help solve the India-U.S. trade dispute

February 20, 2025
Russia is doing a U-turn after spending the last 3 years hating U.S.
News

Russia is doing a U-turn after spending the last 3 years hating U.S.

February 20, 2025
Next Post
Brittney Griner pulls out of speaking engagement after concerning message at Maryland hotel

Brittney Griner pulls out of speaking engagement after concerning message at Maryland hotel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Knicks’ harmonious play making loudest complaint disappear

Knicks’ harmonious play making loudest complaint disappear

January 30, 2025
This is how much it can cost someone to live across 12 major cities

This is how much it can cost someone to live across 12 major cities

February 17, 2025
Avoid this phrase if you want your kids to be good with money

Avoid this phrase if you want your kids to be good with money

February 15, 2025
Trump faces suits from 22 state attorneys general over his executive order blocking birthright citizenship

Trump faces suits from 22 state attorneys general over his executive order blocking birthright citizenship

January 22, 2025
Have the Rangers finally found something sustainable?

Have the Rangers finally found something sustainable?

January 21, 2025
Get more than 0 off one of our favorite Alienware gaming monitors

Get more than $400 off one of our favorite Alienware gaming monitors

January 28, 2025
Everything Samsung announced at the Galaxy S25 Unpacked event

Everything Samsung announced at the Galaxy S25 Unpacked event

January 23, 2025

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Meta approves plan for bigger executives bonuses following 5% layoffs
  • Rivian (RIVN) earnings Q4 2024
  • Entergy’s stock is surging after a $10 billion Meta deal — the CEO says mega AI data centers are changing the utility business
  • Scott Sauerbeck, former MLB pitcher, dead at 53

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In