Singapore shares plummeted nearly 3% on Friday to end the week in red, extending a global market sell-off following US President Donald Trump's worldwide tariffs.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,820.00 and 3,910.71 throughout the day. It ended the session at 3,825.86, down 116.37 points or 2.95% compared to Thursday's close.

Trump has imposed a 10% baseline tariff on Singapore, effective April 5, a move that he been termed "disappointing" by the Singaporean government.

The city-state's Minister for Trade and Industry, Gan Kim Yong, said Singapore will engage with the US to address the concerns that led to the tariff. However, he emphasized the potential difficulty in negotiations if the US does not provide specific details regarding its concerns.

In economic news, Singapore's retail sales declined 3.6% in February on a year-on-year basis, reversing the 4.7% growth in January, according to data released by the Department of Statistics.

In company news, shares of Seatrium (SGX:5E2) were down over 3% at the market close, as the company confirmed the settlement of a legal dispute with EIG Management Company for $1 million.

AEM Holdings (SGX:AWX) was down over 3% as the company issued and allotted 158,290 shares as part of its share award scheme under its 2017 performance shares plan.