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The Government estimates that about 0.09 per cent of Singapore's exports could be directly affected by the trade tariffs.
Read more at https://www.channelnewsasia.com/new...-china-tariffs-impact-chan-chun-sing-10245664
https://sbr.com.sg/economy/in-focus/singapore-could-be-first-casualty-looming-trade-war
Singapore could be the first casualty of a looming trade war
The worst case scenario spells doom as Singapore could lose $22b in GDP.
As a heavily export-dependent economy, Singapore stands to lose as much as $22b in the case of a full-blown trade war which could smash financial markets and hit domestic manufacturing sectors in the city-state, according to analysts.
This comes as US President Donald Trump issued hefty tariffs of 25% on steel and 10% aluminium imports which raises the possibility of a trade war should other countries raise their own rates in retaliation.
“Trade war could trigger the risk of a recession. Risk assets will likely to be depressed for an extended period, until a ceasefire is reached, and typically when the economic losses are significant for all parties involved,” Bank of Singapore senior investment strategist James Cheo said in a report.
The city’s promising growth prospects are also marred by the possibility of a global trade war, which was revealed by the Monetary Authority of Singapore (MAS) in its survey of professional forecasters.
“The possibility of a global trade war scenario present significant concerns for a large proportion, or 88%, of respondents. This is more than double that in the December survey,” MAS noted.
https://sbr.com.sg/economy/in-focus/singapore-could-be-first-casualty-looming-trade-war
Trade war could have 'big, negative impact' on Singapore: PM Lee
SINGAPORE (Reuters) - Singapore is very vulnerable to an escalation of a trade dispute between the world's two major economies, the United States and China, the city-state's prime minister said in an opinion piece published by the Washington Post.
In his article titled 'Nobody wants a trade war', Lee Hsien Loong said that even wide-ranging trade initiatives such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership would not compensate for the damage caused by a trade war for most countries in the Asia-Pacific region.
https://sg.finance.yahoo.com/news/trade-war-could-big-negative-impact-singapore-pm-091045415.html
Read more at https://www.channelnewsasia.com/new...-china-tariffs-impact-chan-chun-sing-10245664
https://sbr.com.sg/economy/in-focus/singapore-could-be-first-casualty-looming-trade-war
Singapore could be the first casualty of a looming trade war
The worst case scenario spells doom as Singapore could lose $22b in GDP.
As a heavily export-dependent economy, Singapore stands to lose as much as $22b in the case of a full-blown trade war which could smash financial markets and hit domestic manufacturing sectors in the city-state, according to analysts.
This comes as US President Donald Trump issued hefty tariffs of 25% on steel and 10% aluminium imports which raises the possibility of a trade war should other countries raise their own rates in retaliation.
“Trade war could trigger the risk of a recession. Risk assets will likely to be depressed for an extended period, until a ceasefire is reached, and typically when the economic losses are significant for all parties involved,” Bank of Singapore senior investment strategist James Cheo said in a report.
The city’s promising growth prospects are also marred by the possibility of a global trade war, which was revealed by the Monetary Authority of Singapore (MAS) in its survey of professional forecasters.
“The possibility of a global trade war scenario present significant concerns for a large proportion, or 88%, of respondents. This is more than double that in the December survey,” MAS noted.
https://sbr.com.sg/economy/in-focus/singapore-could-be-first-casualty-looming-trade-war
Trade war could have 'big, negative impact' on Singapore: PM Lee
SINGAPORE (Reuters) - Singapore is very vulnerable to an escalation of a trade dispute between the world's two major economies, the United States and China, the city-state's prime minister said in an opinion piece published by the Washington Post.
In his article titled 'Nobody wants a trade war', Lee Hsien Loong said that even wide-ranging trade initiatives such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership would not compensate for the damage caused by a trade war for most countries in the Asia-Pacific region.
https://sg.finance.yahoo.com/news/trade-war-could-big-negative-impact-singapore-pm-091045415.html