SINGAPORE, April 4 (Xinhua) -- A recent U.S. tariff move marks "a seismic change in the global order" and poses serious threats to small and open economies like Singapore, Singaporean Prime Minister Lawrence Wong said on Friday.
"We are entering a new phase -- one that is more arbitrary, protectionist, and dangerous," Wong said in a video message posted on his social media channel.
On Wednesday, the United States introduced a 10-percent "minimum baseline tariff" on all imports, including those from Singapore, with higher rates applied to certain trading partners.
Wong said the United States is "abandoning the entire system it had created," warning that the new approach of applying reciprocal tariffs on a country-by-country basis represents "a complete rejection of the WTO framework."
While the 10-percent tariff on Singapore may have a limited direct impact for now, Wong cautioned that the broader consequences could be far-reaching.
"If other countries adopt the same approach as the U.S. -- abandoning the WTO and trading only on their own preferred terms, country by country -- it will spell trouble for all nations, especially small ones like Singapore," he said. "We risk being squeezed out, marginalized, and left behind."
Wong also warned that the higher tariffs, combined with the uncertainty over how other countries might respond, would weigh heavily on the global economy.
"International trade and investments will suffer, and global growth will slow," he said, adding that Singapore, given its high dependence on trade, stands to take a harder hit than others.
"We will stay vigilant. We will build up our capabilities. We will strengthen our network of partnerships with like-minded countries," said the prime minister. ■
