Singapore is set to experience a significant economic impact as the United States implements sweeping tariffs under its newly announced "Liberation Day" plan, Prime Minister Lawrence Wong warned. In a candid YouTube video, PM Wong highli
TDT | Manama
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Singapore is set to experience a significant economic impact as the United States implements sweeping tariffs under its newly announced “Liberation Day” plan, Prime Minister Lawrence Wong warned. In a candid YouTube video, PM Wong highlighted the profound consequences these tariffs will have, particularly for trade-reliant economies like Singapore.
The US government unveiled the new global tariffs on Wednesday, with the measures set to take effect on Saturday. Prime Minister Wong described the move as a turning point, signaling what he called “a seismic change in the global order.”
“I’ve said before that the world is changing – in ways that will disadvantage small open economies like Singapore,” PM Wong stated, emphasizing that the announcement marked the end of an era of rules-based globalization and free trade.
The tariffs, which were introduced by US President Donald Trump, signal a departure from decades of support for free trade by the US. PM Wong noted that this shift was clear in the new approach of reciprocal tariffs, which would be imposed on countries individually, abandoning the World Trade Organization (WTO) framework that had long governed global trade relations.
“This is a complete rejection of the WTO framework,” PM Wong added, stressing that the shift towards protectionism and arbitrariness in international trade carries substantial risks for global stability. Singapore, as a heavily trade-dependent nation, is expected to face a more significant economic slowdown than others, as the nation navigates these new challenges.
