The Progress Singapore Party ( PSP) demanded a new trade agreement with the US on Wednesday ( Apr 9 ) in response to President Donald Trump’s sweeping new tariffs last week.
According to PSP secretary-general Leong Mun Wai in a Facebook post, “making changes to domestic procedures or making proper investments in the US” may be topics for these conversations.
” The US has reportedly been in talks with a number of nations to reach a offer.” We may work with the US and take advantage of this opportunity to negotiate a new trade agreement with President Trump,” he wrote.
The group’s comments come in response to Prime Minister Lawrence Wong’s governmental speech in parliament on Tuesday, which announced the formation of a federal task force to assist companies and employees in navigating the taxes ‘ effects, which are anticipated to stymie economic development.
Mr. Wong’s information to Singaporeans that they should” no fear” the new levies was something that the party shared, according to Mr. Leong of PSP.
He argued that the PSP had” no intention of downplaying the fresh taxes,” which he referred to as a “game-changer” that good signaled the end of the post-war completely business system that had underpinned Singapore’s success.
Prior to the General Election, the party had previously called for “overblown” statements from several Singapore ministers notice of the potential impact of the tariffs, suggesting that they might serve to stifle voter fright.
On Wednesday, Mr. Leong acknowledged the problem for Singaporeans about job security and the stress that the upheaval in the financial markets has caused, especially for those who rely on their investments for pension.
He praised Singapore’s” good track record” in , surviving the Asian Currency Crisis, Severe Acute Respiratory Syndrome ( SARS ) in 2003 , and the COVID-19 pandemic, and expressed confidence that the nation would be able to “find our way forward” in a “new era of deglobalization and protectionism.”
He added that” the right approach to dealing with suffering is free conflict of thoughts, and no groupthink,” given Singapore’s economy and varied culture.
As we adapt to this new world order,” as a society, we will be stronger if we can have powerful policy debates with various viewpoints…… as we become stronger.”
Mr. Leong noted that Singapore is at a “key tone point” that could either enhance the nation’s position as a regional economic superpower or undermine it as a hub for international trade, and hoped the government would be able to stable the “best deal” for Singapore.