Gan Kim Yong, who is also the trade minister and helms the Singapore Economic Resilience Taskforce, told reporters Sunday that pharmaceuticals make up more than 10% of the city state’s exports to the US, according to the Straits Times.

Gan said he had a call with Lutnick on Friday.

“While the US is not prepared to lower its 10% baseline tariff, we agreed to explore how we could deepen our economic links positively and we will continue to discuss the practical way forward,” Gan wrote on his LinkedIn page.

“I welcomed secretary Lutnick to visit Singapore, and look forward to further developing our trade and investment partnership with the US.”

Singapore’s election is on May 3 and it comes as the wealthy country faces a turbulent global economy upended by US President Donald Trump’s tariffs.

The ruling party has said it is important for it to get a strong mandate to handle the choppy waters ahead.