A seismic shift in global trade is shaking up economies worldwide. Singaporean Prime Minister Lawrence Wong warned that the era of rules-based globalization and free trade is over. According to Wong, the recent U.S. tariffs have transitioned the trade system into an "arbitrary, protectionist" phase that could imperil small, open economies like Singapore.
On Wednesday, the U.S. introduced a 10-percent "minimum baseline tariff" on all imports, affecting trading partners across the globe, including Singapore. While the tariff's immediate impact may be limited for Singapore, Wong cautioned that the broader consequences could be far-reaching. He stressed that this change marks a complete departure from the WTO framework.
Industry experts, like Stephen Orlins, highlight that while the tariffs might create a few jobs, the reality of advancing automation means that many production lines are already relying on technology over human labor. This combination of policy shifts and technological advances signals complex challenges ahead for global trade.
For young trade enthusiasts, professionals, and curious minds alike, this is a turning point to watch as countries and markets adapt to a rapidly changing global landscape. Buckle up for more updates on this unfolding story! 🚀🌏
Reference(s):
Singaporean PM says 'free trade is over' after Trump's tariffs
cgtn.com
