As it happened: Trump tariffs roil markets; Singapore disappointed but chooses engagement over retaliation
US President Donald Trump announced a base tariff of 10 per cent across all countries, with higher rates for dozens of trading partners including China and Japan.
US President Donald Trump holds a signed executive order during an event to announce new tariffs in the Rose Garden of the White House, Apr 2, 2025. (Photo: AP/Evan Vucci)
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Asian markets took a hit on Thursday (Apr 3), as new US tariffs - imposed on almost all its trading partners by President Donald Trump - spooked investors across the region.
While China, which faces a possible total new levy of 54 per cent on its exports to the US, vowed countermeasures, a few Asian states chose a more measured approach.
Singapore's Trade and Industry Minister Gan Kim Yong expressed disappointment but said any retaliatory move would just add costs to its imports.
Singapore was hit with a 10 per cent base tariff, which is much lower than what other ASEAN nations are facing.
Here's a recap of what happened:
