SINGAPORE (AFP) – United States (US) President Donald Trump’s tariffs on Singapore are “not actions one does to a friend”, the city-state’s leader said yesterday, 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 US for years.
Singapore was hit with a 10 per cent tariff, despite a free-trade agreement (FTA) with the US.
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.
