'What US is doing is not reform’: Singapore PM Lawrence Wong’s response to Trump tariffs

Singapore Prime Minister Lawrence Wong said on Tuesday a 10% universal tariff rate imposed by the United States does not look open for negotiation and warned of potential upheaval in the domestic economy from a global escalation of trade disputes.

Wong in an address to parliament said there was no doubt trade-reliant Singapore's growth would be significantly impacted and the government would likely revise down its gross domestic product growth forecasts, but it was unclear if the city-state would go into recession this year.

"The recent “Liberation Day” tariff announcements by the US confirms this stark reality: the era of rules-based globalisation and free trade is over.

This marks a profound turning point. We are entering a new phase in global affairs – one that is more arbitrary, protectionist and dangerous.

For nearly 80 years since the end of World War Two, America was the anchor for the free market economies of the world. It championed free trade and open markets, and led efforts to build a multi-lateral trading system.

This WTO system ushered in decades of global growth and stability. It allowed trade to flourish and lifted millions out of poverty. It benefited the world – and contributed to America’s own economic strength." Watch his address from 8 April, 2025
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