CNA Explains: How can Singapore respond to Trump's tariffs?

Steep tariffs were imposed by the US on Wednesday, causing major stock indexes in Asia to drop, but a 90-day pause was announced by President Trump shortly after, with tariffs returning to a 10% baseline for most countries and rising to 125% for Chinese goods. Singapore is expected to face a decline in global commerce due to the volatility in the Trump administration, prompting the country to consider using its currency as a tool against tariffs through monetary policy adjustments. Additionally, fiscal measures such as increased government spending and subsidies are being implemented to stabilize the economy and support businesses and households amidst global trade disruptions.

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