US removes ‘inaccurate’ $34.3b trade surplus claim against Singapore

The MTI clarified that the US runs a trade surplus.

The US has removed an inaccurate statement that Singapore ran a $34.3b ($US27b) trade surplus, as investigations under Section 301 of the Trade Act of 1974 remain ongoing, Minister of State for Trade and Industry Gan Siow Huang said.

The US Trade Representative (USTR) had earlier stated in a Federal Register notice that Singapore recorded a bilateral trade surplus with the US in goods and services in 2024.

Meanwhile, the Ministry of Trade and Industry (MTI) clarified that it was the US that ran a $34.3b ($US27b) trade surplus with Singapore. The USTR has since removed the statement.

“As the USTR investigations are ongoing, we should not speculate on the basis for or outcomes of these investigations,” Gan said.

The investigations, initiated on 11 and 12 March 2026, cover two areas, the first involving 16 economies, including Singapore, over structural excess capacity in certain manufacturing sectors.

The second involves 60 economies over the adoption and enforcement of bans on imports of goods produced wholly or partly with forced labour.

Gan said that it would be premature to assess the basis or outcomes of the probes, or their potential impact on Singapore’s export sectors and workers, as details remain unclear.

“The Singapore government will continue to engage the US constructively in the course of these investigations and will provide further updates when ready,” she added.

$1 = $0.78