SINGAPORE: Prime Minister Lawrence Wong will give a ministerial statement in parliament on Tuesday (Apr 8) afternoon on sweeping United States tariffs and their implications.
Overnight, US President Donald Trump threatened an additional 50 per cent tariffs on US imports from China if Beijing did not withdraw its 34 per cent retaliatory tariff on US products.
Singapore has been hit by a baseline 10 per cent tariff, much lower than what has been imposed on its Southeast Asian neighbours, but Mr Wong has said that Singapore must brace itself for more shocks to come.
“The likelihood of a full-blown global trade war is growing,” he said in a video statement released last Friday.
“Singapore will take a bigger hit than others, because of our heavy reliance on trade,” he warned.
However, Singapore is “more ready than many other countries” to face what lies ahead thanks to its reserves, cohesion and resolve, he added.
“The road ahead will be harder. But if we stay resolute and united, Singapore will continue to hold its own in this troubled world,” Mr Wong said.
