The recent US decision to exempt a range of electronics—including smartphones, semiconductors, and TVs—from tariffs offers temporary relief to Asian exporters, particularly Taiwan, where over 60% of exports to the US are now spared the 10% levy. However, this reprieve may be short-lived, if as Trump has suggested, electronic products are included in the separate duties planned for semiconductors (and pharmaceuticals).
In Singapore, newly appointed Prime Minister Lawrence Wong has called a general election for 3rd May, with the long-ruling People’s Action Party expected to retain power. The main near-term risk is US tariffs on pharmaceuticals, a key export sector. Longer term, a shrinking workforce poses challenges, with easing immigration controls a potential – though politically sensitive – solution.
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