Singapore says US tariffs not what ‘one does to a friend’
Prime Minister Lawrence Wong warned that the 'likelihood of a full-blown global trade war is growing' and urged his trade-reliant nation to prepare for difficult times ahead. — Reuters pic
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Tuesday, 08 Apr 2025 3:22 PM MYT
SINGAPORE, April 8 —US President Donald Trump’s tariffs on Singapore are “not actions one does to a friend”, the city-state’s leader said today, adding the government will likely downgrade this year’s economic growth forecast.
Prime Minister Lawrence Wong warned that the “likelihood of a full-blown global trade war is growing” and urged his trade-reliant nation to prepare for difficult times ahead.
“We are very disappointed by the US move, especially considering the deep and long-standing friendship between our two countries,” he said in an address to parliament.
“These are not actions one does to a friend.”
Trump last week announced sweeping levies on friends and foes alike after accusing the world of “ripping off” the United States for years.
Singapore was hit with a 10 percent tariff, despite a free-trade agreement (FTA) with the United States.
The rate is much less than those imposed on other countries.
But Wong said the trade-dependent nation will be particularly hurt by a slump in the world economy and the unravelling of the global trading system based on free trade.
“Singapore may or may not go into recession this year, but I have no doubt that our growth will be significantly impacted,” he said.
The trade ministry is reassessing its economic growth forecast this year of 1.0-3.0 percent “and will likely revise it downwards,” he added.
Wong said that under the US-Singapore FTA, the city-state imposes zero tariffs on American goods. Singapore also runs a trade deficit with Washington.
“If the tariffs were truly reciprocal and if they were meant to target only those with trade surpluses, then the tariff for Singapore should be zero,” he said.
Singapore hosts thousands of US companies and many of them have made the city their Asia-Pacific headquarters.
While the island-nation is not a US defence treaty ally, it enjoys robust military ties with Washington.
“This marks a profound turning point,” he said.
“We are entering a new phase in global affairs, one that is more arbitrary, protectionist and dangerous.” — AFP
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kt recalls:
Henry Kissinger once say, "To be an enemy of the US is dangerous, but to be a friend is fatal"
Yet, he couldn't speak out & act like a leader!
ReplyDeleteHe takes side with the one who imposed the hardship he is now facing!
ie asking other nations not to retaliate & just kowtow & negotiate. He hinted that especially to China.
What would LaoLee do if facing the same dilemma? Most likely he would challenge the US administration & would voice frustration directly to the offender.
When Trump proposes millions$ docking fee for Chinese made cargo ship entering US ports, this guy said NOTHING. He knew how vital were the cargo ship docking at US ports to the impex businesses that RedDot enjoyed all these yrs. He said NOTHING!
When Trump imposes a direct 10% goods tariff on S'porean goods, he could only grumbled at home & not directly to the US whom S'pore had consistently kowtowed.
Negotiate? What to negotiate when yr actual goods tariff is ZERO & the services trade balance is heavily in favor of US?
Just reacting likening China with lightning speed & with a volley of other acts.
Bully is been cultivated, especially a bully who has been incubated with arrogance.
But this man DOESN'T understand! & still want to sway with the wind in a wrong time frame.
Many foreign companies use Spore's FTA with Bullyland to enter BullyMarket tariff free.
ReplyDeleteDo yr mfering research before u fart!
DeleteMost of these companies r actually yankee origin. They use RedDot as a trading base due to its location to cheap labor & manufacturing sources. RedDot has NO significant cheap labor & manufacturing bases.
Invoicing from Spore, lower tax, like using Ireland.
Deletewakakakaka…
DeleteDublin's tactic lies with service sectors favoured by yankee multinational ie google, microsoft etc.