Singapore Officials Warn of Global Trade Fallout from US Tariffs

Singapore's political leaders are expressing serious concerns over the recent sweeping tariffs announced by the Trump administration, which threaten to disrupt the global trading system and could lead to a full-blown trade war. Prime Minister Lawrence Wong highlighted the potential for significant economic repercussions, including inflation and slower growth, while Deputy Prime Minister Gan Kim Yong urged Singaporeans to prepare for challenging times ahead. Foreign Affairs Minister Vivian Balakrishnan described the tariffs as a 'profound setback' to the principles of global economic integration that have benefited Singapore for decades. Although Singapore faces one of the lowest tariffs at 10%, the interconnected nature of its economy means it will still feel the impact, particularly through increased costs of imports and pressure on foreign direct investment. The ministers emphasized the need for a resilient and strategic response to navigate these protectionist measures and safeguard the livelihoods of Singaporeans. As the country braces for potential economic fallout, the call for unity and adaptability among businesses and citizens is critical.