SINGAPORE, July 24 (Xinhua) -- About one-third of Singapore's domestic exports to the United States will be subject to the new 12.5 percent tariff imposed by Washington, Singapore's Ministry of Trade and Industry (MTI) said in a statement on Friday.
The MTI said it would continue to engage the Office of the U.S. Trade Representative (USTR) to explore options on the matter, adding that further details on how the tariff would be implemented would be shared when ready.
Products already subject to Section 232 tariffs are exempt, along with certain categories including energy products, pharmaceuticals, certain electronics, certain aerospace products, semiconductors, and metals used in currency and bullion, it said.
The USTR said on Thursday that the United States would impose tariffs of 10 to 12.5 percent on imported goods from 60 economies starting on Friday, following a Section 301 investigation into forced labor.
It said the economies had failed to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.
The MTI said Singapore does not condone the use of forced labor and has a comprehensive enforcement framework and good track record in combating such illegal practices. ■
