Singapore contests US claim of trade surplus amid excess capacity probe

Singapore stated it incurred a trade deficit with the US in 2024, refuting figures released by Washington that indicated the city-state recorded a surplus and questioning assertions that it is exacerbating global manufacturing overcapacity. The disagreement emerged following the Office of the US Trade Representative's announcement this week that it had initiated investigations under Section 301 of the Trade Act of 1974 concerning the actions, policies, and practices of 16 economies, Singapore among them. The investigations...