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Market Chatter: Singapore Denies Forced Labor Claims After Trump's 12.5% Tariff Plan

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The Singaporean government has denied forced labor allegations made by the US against it after US President Donald Trump proposed a 12.5% tariff on goods linked to the city-state, Bloomberg News reported Thursday.

The tariff was proposed following a Washington inquiry into how trade partners handle goods allegedly produced by forced labor, the report said.

However, in an email response to Bloomberg, Singapore's Ministry of Trade and Industry rejected the claims, pointing to a total lack of evidence of forced labor within the country's supply chains.

Under the proposed levy, Singapore's domestic exports to the US are likely to be impacted if the proposed tariff is implemented, Bloomberg said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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