In a bold and eye-opening announcement, Singapore PM Lawrence Wong declared on social media that "the era of rules-based globalization and free trade is over." He warned that new U.S. tariffs represent a shift toward a more arbitrary and protectionist approach—a change that could impact small, open economies like Singapore.
This week, the U.S. rolled out a 10-percent minimum baseline tariff on all imports, including those from Singapore, with higher rates on select trading partners. While the immediate effects on Singapore might appear limited, the broader implications of these measures could reshape global trade norms and unsettle open markets across the board. 😮
Experts have shared mixed views on the move. Stephen Orlins from the National Committee of U.S.-China Relations pointed out that although the tariffs might create some jobs, the increasing role of automation—where robots run the show—means the overall impact on employment could be modest. Imagine a high-tech factory where humans are few and robots lead the production line! 🤖
As global markets adjust to these changes, young professionals and tech-savvy individuals across South and Southeast Asia are keeping a keen eye on the evolving landscape. In our fast-paced world, staying informed about economic shifts not only matters for businesses but also for our daily lives. Let’s keep the conversation going as we navigate these transformative times!
Cover: A fully loaded container vessel at Singapore’s Pasir Panjang terminal.
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Singaporean PM says 'free trade is over' after Trump's tariffs
cgtn.com
