SINGAPORE, March 12 — The US’ escalating trade actions could have far-reaching consequences for the global economy, warned Singapore’s Deputy Prime Minister Gan Kim Yong today according to a CNBC report.
Speaking at Converge Live in Singapore, Gan reportedly said that many in Asia watch “with anxiety” as US President Donald Trump continues to implement tariffs and trade restrictions on key partners.
“Even if some of us in Asia may not be directly affected, the impact of rising tariffs and trade wars could cause major disruptions to supply chains, slow down trade and investment flows, and significantly set back the growth of the global economy,” Gan reportedly said.
The US recently imposed a 25 per cent tariff on goods from Canada and Mexico — only to exempt some goods days later — while raising tariffs on Chinese imports up to 20 per cent within two months.
The back-and-forth policies, Gan suggested, contribute to uncertainty in global trade and investment.
Despite these concerns, Gan remained optimistic about Asia’s economic trajectory, noting that Asia’s economy is projected to expand from around 50 per cent of the world’s GDP today to about 60 per cent by 2030.