Singapore’s risk of facing U.S. tariffs remains low, but recent developments involving the export of Nvidia chips to unknown countries via Singapore add a layer of complexity to its trade outlook. Singapore’s Low Risk of Direct U.S. Tariffs Trade Deficit Advantage: Singapore maintains a significant trade deficit with the U.S., with exports to Singapore at $78.2 billion and imports at $52.9 billion in 2023, yielding a $25.3 billion U.S. surplus (USTR). Trump’s tariff focus—evident in his 25% tariffs on Canada and Mexico and 20% on China. U.S.-Singapore FTA: The 2004 Free Trade Agreement ensures duty-free access for most goods, a shield reinforced by Foreign Minister Vivian Balakrishnan’s stance that Singapore isn’t obligated to enforce unilateral U.S. export controls Limited Trade Circumven