Lot of points in here – some more relevant to anyone in Singapore versus just locals or PR’s.
I linked to this the other day – the China VS USA trade wars are kind of scary.
I think it is interesting that the PM also calls it out and highlights how bad it can be on places like Singapore as well.
Singapore is focused on the right stuff in my opinion.
Only time will tell.
2. The all-around negative effects of the US trade wars Lee then turned his attention to the trade wars the US was engaged in with multiple countries, painting a rather stark picture.
He noted that many Americans had come to question globalisation, free trade and the free movement of people, harbouring the sentiment that other countries were taking advantage of them.
In attempting to make “rebalancing trade” a top priority, the US has engaged in unilaterally imposing tariffs on countries such as the EU, Canada, Mexico and most importantly, China.
Accordingly, these countries have retaliated in their own tit-for-tat moves which has resulted in damage to the global economic and business climate. Lee adds that Singapore will be hit by the collateral damage.
Beyond economics, the trade wars have also contributed to the rise in geopolitical tensions.
In particular, the tensions and rivalry between China and US is serious enough to potentially threaten the existing global international system.