In the wake of the recent U.S. tariffs announcement, Singapore’s leading political figures have voiced their apprehensions, warning of potential economic repercussions.
What Happened: Prime Minister Lawrence Wong expressed concerns about the growing possibility of a global trade war, stating that the tariffs could have serious implications for all countries, especially smaller ones like Singapore, reported the South China Morning Post.
“It will spell trouble for all nations especially small ones like Singapore.”
“We risk being squeezed out, marginalised and left behind,” Wong added.
The country is subject to a minimum 10% universal tariff on all exports to the US, one of the lowest in Southeast Asia.
The city-state’s benchmark Straits Times Index has experienced a notable decline in response to the news. The STI plummeted 7.84% on Monday.