SINGAPORE: Singapore must be prepared to deal with fallout from the US-China trade dispute, said Trade and Industry Minister Chan Chun Sing on Tuesday (May 14), amid worsening tensions between Washington and Beijing.
Mr Chan said the trade war, which he labelled as “serious”, reflects deeper tensions between the US and China and domestic challenges within their economies.
“Many in the US, in and out of the administration, Republican and Democrat, see China as a strategic competitor. Some in China wonder if the US is seeking to thwart China’s growth,” he said in a Facebook post.
Mr Chan warned that while some businesses may benefit from the disruption in trade in the near term, worsening trade tensions will hurt global business and consumer confidence as many countries depend on a global system underpinned by stable US-China relations.
“Singapore cannot be immune from all these fallouts. We need to follow closely what is happening, and gird ourselves to deal with the impending challenges,” he said.
Mr Chan said it is important that Singapore gets its fundamentals right by ensuring the business environment and workers’ skills remain competitive, amid ongoing disruptions.
Singapore can be the “safe harbour” for data, finance, talent and technology and a trusted hub for progressive rules and regulations.
“We can further distinguish ourselves by being the connector across different systems and standards. We will continue to promote integration, not fragmentation,” Mr Chan said.
