Singapore fears tariffs imposed by US President Donald Trump will trigger a global trade war that will be particularly damaging for trade-dependent small nations, the city-state’s foreign minister has said.
Vivian Balakrishnan told the Financial Times that while the 10 per cent duty Trump set for imports from Singapore was among the lowest in the Asia Pacific, the city-state’s role as an international financial and commercial hub made it highly vulnerable.
“Our greatest fear is that this set of announcements has shaken the foundational pillars of the world trading system right down to the core,” said Balakrishnan in an interview.
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