Singapore survived the first wave of US tariffs. The second may hit harder

It has been over a year since US President Donald Trump introduced his Liberation Day tariffs, and Singapore made it through in better shape than expected. The economy grew 5 per cent in 2025, far above the downgraded 0 per cent to 2 per cent projections from the Ministry of Trade and Industry post-Liberation Day. Exports surprised on the upside. Electronics and semiconductor-related demand stayed strong. There were no broad-based job losses. But that was the easy part. After the US Supreme Court ruled in February that the President lacked authority to impose the Liberation Day tariffs under emergency powers,…