Yan Jinyong revealed that the cooperation discussed with the United States may also allow Singapore's export of drugs to the United States to reach zero tariffs. Yan Jinyong, deputy prime minister and minister of trade and industry, who is respo...
Yan Jinyong revealed that the cooperation discussed with the United States may also allow Singapore's export of drugs to the United States to reach zero tariffs.
Yan Jinyong, deputy prime minister and minister of trade and industry, who is responsible for leading the Singapore Economic Resilience Group, disclosed this when explaining the latest progress of the group's work on Friday (May 16).
Yan Jinyong said: "These both are very important areas for Singapore. In terms of medicine, the United States expressed its hope that there will be a cooperation plan to allow us to get preferential tariffs. It will take some time to discuss how to implement such a cooperation plan. The United States has the concerns of the United States, and they need to ensure that their supply chain is stable.
Drugs and semiconductors are not currently within the scope of tariffs imposed by the United States, but the Trump administration in the United States does not rule out doing so. If implemented, the US agrees to target drug exports, allowing my country to enjoy preferential conditions and even zero tariffs.
"The United States has also announced that it will impose special tariffs on semiconductors, and Singapore also hopes to discuss with them how to cooperate in this regard. But the focus of our attention is still on drug exports."
In addition to facing a 10% benchmark tariff, my country's exports to the United States have proposed that it would impose specific tariffs on drug and semiconductor imports in the near future.
