On Tuesday ( Apr 8 ) afternoon, Singapore’s Prime Minister Lawrence Wong will make a ministerial statement in parliament about sweeping , US tariffs, and their effects.
If Beijing did not lift its 34 percent hostile tariff on US products, US President Donald Trump threatened an extra 50 per cent levies on US imports from China immediately.
Although Singapore has been subject to a baseline 10 % tax, which is significantly lower than what is currently being imposed on its neighbors in Southeast Asia, Mr. Wong has said that Singapore must prepare for additional shocks to occur.
In a video statement released last Friday, he said,” The likelihood of a full-fledged global trade war is growing.”
Because of our big emphasis on trade, Singapore may suffer a bigger hit than other nations, he warned.
Singapore is “more prepared than many other countries” to face the challenges that lie ahead, he continued, citing its reserves, unity, and handle.
The path forward will be more difficult. However, Mr. Wong said,” Singapore may continue to stand out in this disturbed earth if we stay determined and united.”