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Singapore

US Revised Tariffs (%)

10

Ease of doing business

theboardiQ Tariffs Dashboard:

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Understand the complexities of international tariffs and ease of doing business across nations to cultivate balanced trade relationships, streamline operations, and deliver cost savings to end consumers.

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Revised Tariff %
Original Tariff %
Country Tariff Rate %
Share of US Imports % (1 implies <1%)
10
10
0
1.3
Exports (in USD Bill.) 2024
Imports (in USD Bill.) 2024
Balance (in USD Bill.) 2024
46.03
43.2
2.83

Implications

As of January 2026, the trade relationship between the US and Singapore is navigating a "new normal" defined by reciprocal tariffs and targeted semiconductor restrictions. While Singapore enjoys a relatively favorable position compared to its neighbors, the cooling effect on global demand is palpable.


1. Latest US Tariffs Update (January 2026)


  • Reciprocal Baseline Tariff: Singapore remains subject to a 10% baseline reciprocal tariff on most exports to the US. This is significantly lower than the 25%–60% rates applied to other Asian nations (like China or South Korea), primarily due to Singapore's existing Free Trade Agreement (FTA) and US trade surplus with the Republic.

  • New Semiconductor Duties: As of January 15, 2026, a new 25% tariff applies to "advanced semiconductor articles" (specifically AI-related chips like Nvidia H200/AMD MI325X equivalents).

  • Exemptions: Roughly 75% of Singapore’s exports continue to enter the US duty-free or under reduced rates due to "de minimis" rules and specific sectoral exemptions for U.S. domestic end-use (e.g., chips destined for U.S. data centers).


2. Major Companies Impacted


The impact is bifurcated: some companies face higher costs, while others are doubling down on Singapore as a "safe harbor."

Company

Impact Status

Details

Micron Technology

Positive/Strategic

Investing $24B–$30B in Singapore to expand AI-memory chip production, hedging against Chinese supply chain risks.

GlobalFoundries

Resilient

US-headquartered; its Singapore plants benefit from "friend-shoring" initiatives despite general tariffs.

UMC & TSMC

Strategic Shift

Expanding Singapore operations (e.g., UMC’s $6.5B plant) to serve as a neutral manufacturing hub for global markets.

Logistics Giants (PSA, DHL)

Mixed

Benefiting from "re-routing" trade flows, though overall volume may dip if global demand cools.

Pharma (GSK, Pfizer)

Caution

Sectoral tariffs of up to 100% remain a threat; front-loading of shipments in late 2025 has now tapered off.

3. GDP & Balance of Trade (BOT) Impact


  • GDP Growth (2026 Forecast): The Ministry of Trade and Industry (MTI) projects a cooling to 1% – 3% (down from ~4% in 2025).

  • Inflation Risk: The Monetary Authority of Singapore (MAS) is monitoring core inflation, which is expected to rise to 1% – 2% in 2026 due to higher import costs from global tariff friction.

  • Latest BOT (YTD Jan 2026): * Trade Surplus: Singapore recorded a surplus of approximately S$2.2 billion for December 2025/January 2026.

    • Export Trends: Non-oil domestic exports (NODX) grew 4.8% in 2025 but are expected to slow to 0% – 2% in 2026 as "front-loading" (shipping early to beat tariff deadlines) ends.


4. SWOT Analysis: Singapore Trade 2026

Strengths

Weaknesses

• Robust US-Singapore FTA (USSFTA).


• World-class transshipment & logistics hub.


• Leading position in the AI semiconductor supply chain.

• High trade-to-GDP ratio (3x) makes it vulnerable to global shocks.


• Limited domestic market; relies entirely on external demand.

Opportunities

Threats

• "China Plus One" strategy: Companies moving production to SG.


• Growth in AI-driven electronic exports.


• Role as a neutral intermediary in US-China tech tensions.

• Escalation of sectoral tariffs (Semicon/Pharma) to 100%.


• Global slowdown in AI investment/capex.


• Potential loss of "de minimis" exemptions for high-volume exports.


US Revised Tariffs

Country Tariffs

Balance of Trade

Commercial Guide

Learn about the market conditions, opportunities, regulations, and business conditions in countries, prepared by U.S. Embassies worldwide, Commerce Department, State Department and other U.S. agencies’ professionals

Tariff Rate for US

World Bank staff estimates using the World Integrated Trade Solution system, based on tariff data from the United Nations Conference on Trade and Development's Trade Analysis and Information System ( TRAINS ) database and global imports data from the United Nations Statistics Division's Comtrade database.

US Imports Guide 

United States Imports from Countries during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Countries- data, historical chart and statistics - was last updated on April of 2025.

Investing in USA

theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters

Sources : ForbesUSDA Economic Research | TCGen Total Innovation Rank Index | Best States for Manufacturing | World Population Review | Tax Foundation | US News | BEA Data | Wikipedia International Trade Administration

theboardiQ's Economic Relevance Score provides a comprehensive, data-driven assessment of a nation's economic vitality and global significance. This score is meticulously calculated using 11 key parameters, each reflecting a critical facet of economic performance. It analyzes the representation of Fortune 500 companies within a nation, a strong indicator of its business environment and market size. The balance of trade surplus or deficit reveals the nation's international competitiveness and export strength. It incorporates Gross Domestic Product (GDP), a fundamental measure of overall economic output, and examine the health of key sectors like agriculture and manufacturing. The score also accounts for innovation, gauging a nation's ability to drive future growth through technological advancements. Crucial labor market indicators such as employment rates are considered, alongside fiscal policies reflected in tax rates. To capture the lived experience of citizens, it assesses cost of living and disposable income, providing insight into purchasing power and economic well-being. Finally, education levels are integrated, recognizing their pivotal role in fostering a skilled workforce and driving long-term economic development. By synthesizing these 11 parameters, theboardiQ's Economic Relevance Score delivers a nuanced and holistic view of a nation's economic standing, enabling informed strategic decisions. The Top 5 States in the assessment are Texas, North Carolina, Virginia, Florida and Washington. Texas does consistently well across most of the 11 variables especially in the areas of GDP, F500 representation in the State, Balance of Trade where it ranks 2nd nationally. North Carolina scores as the highest-ranking state nationally in manufacturing and performs consistently across the other variables. Virginia does well in disposable income where it ranks 3rd nationally. It also scores high in the variables of manufacturing and employment Florida holds the 4th ranking nationally for GDP and Tax Washington State scores the top spot for disposable income nationally, 2nd for education and 3rd for innovation. Colorado, with an overall rank of 7 scores the top spot for Education (schools and higher education). Nebraska, that ranked 10th overall, did well in Agriculture where it is ranked 3rd nationally as well as Trade Balance where it ranked 5th. Illinois, though ranked 20th overall did well nationally in F500 representation, GDP, Agriculture, and Disposable Income. Pennsylvania comes in at 21 overall doing well nationally in GDP (6th); Manufacturing (8th) and F500 representation (8th) New York scores 23rd overall with a 2 ranking in Disposable Income nationally, as well as 3rd in both F500 representation and GDP. California comes in at 29th overall and has the top spot ranking in a whopping 4 variables nationally – GDP, Innovation, Agriculture and F500 representation. However, performance in the areas of Trade Balance, Cost of Living, Tax, Manufacturing and Employment resulted in the overall ranking dipping. Wyoming at 30th overall scores the top spot nationally in the area of Tax Massachusetts at 31 overall does well in innovation where it is ranked 2nd nationally Arkansas at 36 and Alabama at 39, do well in overall Cost of Living where they are ranked 2nd and 3rd nationally, respectively. Louisiana ranked 44th overall is ranked 1st in Trade Balance nationally.

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