Singapore on Tuesday said US President Donald Trump’s tariffs are not actions one does to a friend, stating that the government will likely downgrade this year’s economic growth forecast.
Prime Minister Lawrence Wong, in an address to Parliament, warned that the likelihood of a full-blown global trade war is growing, urging 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. These are not actions one does to a friend,”; he said.
Recall that Trump last week announced sweeping levies on friends and foes alike after accusing the world of ripping off the United States for years.
DAILY POST reports that Singapore was hit with a 10 percent tariff, despite a free-trade agreement with the United States.
Though the rate is much less than those imposed on other countries, 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.
