Lavin said that "we're in for a bit of bad news in the near term," adding that the tariffs will also hurt the auto industry in the U.S.

Singapore’s top diplomat said he doesn’t expect to the wealthy island nation to be in the firing line for US tariffs even as President Donald Trump shows he’s willing to target other friendly nations including Mexico and Canada.

Analysts say the impact would be cushioned by other factors, but could worsen if more countries are targeted by US tariffs.