Singapore Disputes US Trade Surplus Data as New Tariffs Loom

Singapore said it ran a trade deficit with the US in 2024, disputing figures published by Washington that showed the city-state posted a surplus and challenging suggestions that it is contributing to global manufacturing overcapacity.

The dispute surfaced after the Office of the US Trade Representative announced this week that it had launched investigations under Section 301 of the Trade Act of 1974 into the acts, policies and practices of 16 economies, including Singapore. The probes are focused on structural excess capacity and production in manufacturing sectors.

In a Federal Register notice, the USTR highlighted Singapore as having a bilateral ...