🚨 Singaporean Prime Minister Lawrence Wong delivered a stark warning this week, declaring that 'the era of rules-based globalization and free trade is over' following new U.S. tariff hikes. In a video message, he criticized the measures as 'arbitrary, protectionist, and dangerous' for small economies like Singapore 🌐.
The U.S. recently imposed a 10% baseline tariff on all imports, escalating trade tensions globally. 💼 While Singapore faces limited direct impact for now, Wong called the move a 'seismic shift' away from WTO principles, arguing it risks triggering a chaotic trade-by-country approach.
💡 Experts like Stephen Orlins of the National Committee on U.S.-China Relations questioned the tariffs' effectiveness: 'Factories are automated now – slapping on taxes won’t bring back millions of jobs,' he told CGTN, emphasizing that robots, not tariffs, dominate modern manufacturing lines.
🌍 With global markets reeling and no signs of a truce, the world watches as nations scramble to adapt to this new economic reality. Will protectionism prevail, or can diplomacy still steer the ship? 🚢
