Singapore Prime Minister, Lawrence Wong presents his strong view on US President Donald Trump’s Liberation Day announcement. Calling it an “arbitrary, protectionist, dangerous” phase, his video comments were a chilling take on the reciprocal tariffs causing a global stir. While acknowledging the flawed global trading system initially created by powers like the US, he suggested that they abandoned the system they created themselves.
Just recently, President Trump announced 10% baseline tariffs across industries, which go as high as 25%. Warning against this geopolitical tension, PM Wong warned the viewers of a “troubled phase” ahead. Sending out a word of caution, he said that the, “likelihood of a full-blown global trade war is growing” attributing the high tariffs and uncertainty of the global economy. While Singapore lies in the lowest tax slab of 10%, the country has decided not to levy retaliatory tariffs despite its “heavy reliance on trade”.
Making a sharp comparison to Trump’s tariffs, which dismantled the stereotypes of the global economy, he referred to the second World War. A trade war turned into an armed conflict also motivated by opposing ideologies, the Singaporean PM urged the world-citizens to be “clear-eyed about the dangers that are building up in the world” foreseeing an unpredictable nature of the world economy.
This latest move by the US leaves “no room for doubt”. Wong said. Adding on he mentioned that, “It marked a seismic change in the global order, one where rules-based globalisation and free trade is over”.
Underlining the urgency of the situation, the Singapore administration have pointed out that additional support would be rolled out and that their citizens have to “be prepared for rough waters”.
The Trump tariff hikes feature a massive 34% duty on Chinese imports above the 20% prior levy raising the total to 54%. Other Asian economies too were not spared as Japan faced 24% and India stood at 26%.