On April 2, 2025, U.S. President Donald Trump announced a comprehensive tariff policy termed the “Declaration of Economic Independence,” imposing a 10% baseline tariff on nearly all imports to the United States. Additionally, higher “reciprocal” tariffs were introduced for specific countries, reflecting the trade barriers these nations impose on U.S. exports. 
Under this new policy, Singapore is subject to the baseline 10% tariff. Cambodia faces a 49% tariff, and China is subjected to a 34% tariff, which, combined with previous levies, totals 54%. 
The announcement led to immediate reactions in global markets, with Asian markets experiencing declines at the opening. Trading partners are anticipated to respond with countermeasures.
