Singapore braces for Trump’s trade war |The Business | ABC NEWS
ABC global affairs editor Laura Tingle explores the ripple effects of Donald Trump’s tariffs on one of the world’s most trade-exposed economies in the world. While Singapore has a 10 per cent base tariff, it’s bracing for more. Singapore prime minister Lawrence Wong said “we do expect an impact on our economy” from the tariffs, even though he was hopeful that negotiations between officials could see the impact of the proposed US sectoral tariffs reduced. He’s particularly concerned about the hit to pharmaceuticals and semiconductors.
Professor Joseph Liow of the National University of Singapore says that whatever is going on within the Singapore economy as a result of tariffs, “there’s a larger dynamic at work as well” because of the regional disruption the tariffs are causing. Prime Minister Lawrence Wong said nations in Southeast Asia had to do their part to make themselves a more attractive single market to do business in.
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