Prime Minister Lawrence Wong said on Wednesday that there is “little comfort” in the US postponing sweeping on most of the world.
After initially imposing so-called on most of the US’ trading partners, US President abruptly reversed course last week, .
However, “baseline” tariffs of 10% on most imports, as well as 25% tariffs on car, steel and aluminum imports, have remained in place.
In a speech at an event organised by the city-state’s Ministry of Foreign Affairs, Wong said “geopolitical competition,” which had largely been dormant since the end of the , had “returned with a vengeance” and that “major powers no longer feel economically secure” amid the escalating trade war between the and .
“Where economic interdependence was once seen as a virtue, it is now seen as a vulnerability,” Wong said.
The prime minister said that while these trends are not new, “they have reached a new intensity with the latest US tariff moves.”
“The US has since postponed most of its reciprocal tariffs, but there is little comfort in this, because the current baseline tariff rates are still much higher than what they used to be, and the changes have already caused great uncertainty for businesses everywhere,” Wong said.
“No company can comfortably plan long-term investments while knowing that the tariff rates could be changed at a moment’s notice,” he added.
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