Singapore: Amid the current climate of geopolitical uncertainty arising out of US President Donald Trump's tariffs, Singapore Prime Minister Lawrence Wong on Thursday said the world has changed, and “it’s not changing back anytime soon”.
“This is not just about what one country does. The fact is, trade barriers are going up and the rules keep shifting. The tensions between the major powers, especially America and China, are heating up and will continue to do so,” the Channel News Asia quoted Wong as saying.
“Tariffs between the two powers remain sky-high,” he said, noting that “even China-built ships heading to the US are being taxed.”
Wong's statements ahead of May 3 polling in Singapore came almost a month after President Trump slapped a baseline 10 per cent tariff on all imports targeting countries around the world, including Singapore.
Higher reciprocal tariffs were imposed on dozens of America's trading partners, with China bearing the maximum brunt of the levies.
“America is also targeting other regional countries they think are bypassing their rules,” he said, referring to how solar panels from several Southeast Asian countries have been slapped with tariffs as high as 3,500 per cent.
Wong, who leads the ruling People’s Action Party (PAP) in the general election 2025, said this “new storm” (created by US initiated tariffs) will be similar to the COVID-19 pandemic, though “no one can tell” how long it might last.
“But it’s not going to be a one-year affair, so we have to be mentally prepared for the longer term,” he told the people of Singapore, an Asian financial and business hub largely dependent on regional trade, exports and re-exports while being in the middle of the world’s two largest economies – the US and China that are bound for trade war.
The uncertainties will add to the challenges Singapore faces today, Wong said, pointing to cost-of-living pressures as one example.
Jobs will also be impacted, Wong said, adding that he knows many people are worried about this.
To deal with this, a “comprehensive package” of measures was unveiled in this year's budget, he assured the Singaporeans in the traditional annual May Day rally speech.
The Singapore government on April 16 formed a task force helmed by Deputy Prime Minister Gan Kim Yong and four other ministers to help businesses and workers deal with the effects of sweeping US tariffs.
The 52-year-old premier, into his one-year of premiership, is seeking a fresh mandate from the city state’s 2.76 million voters.
A total of 27,58,846 registered voters are set to vote on Saturday. More than 18,000 Singaporeans will also vote from overseas.
The PAP, which has ruled Singapore ever since independence, is challenged in 92 of the 97 seats by opposition political parties.
One group representation constituency of five members was returned unopposed at the close of nomination on April 23.
A total of 211 candidates filed their papers on nomination day.
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