US tariffs are not “reform”, but abandonment of “entire system they created”: PM Wong
Prime Minister (PM) Lawrence Wong has issued a stark warning about rising global instability, calling the United States’ (US) latest move to impose tariffs a sign that the era of free trade is over.
In a video posted on social media, he described the 2 April announcement — dubbed “Liberation Day” by former US President Donald Trump — as a “seismic change in the global order”, with profound implications for small, open economies like Singapore.
Source: Lawrence Wong on Facebook
Singapore among ASEAN nations hit with new tariffs
The US will impose a baseline 10% tariff on all Singaporean exports as part of a sweeping overhaul of its trade policy.
Other ASEAN countries were hit even harder, with Cambodia and Vietnam facing tariffs of 49% and 46% respectively.
Source: Lawrence Wong on Facebook
PM Wong said the new policy marked a shift away from the multilateral trade norms once upheld by the World Trade Organization (WTO), towards a system of “reciprocal tariffs” set on a country-by-country basis.
Tariffs show the US “abandoning” and “complete rejection” of global system
PM Wong, who has long warned that the global environment is becoming more disadvantageous to smaller nations, said the US was no longer trying to fix the WTO — it was leaving the organisation behind.
He said the WTO framework once brought “unprecedented stability”, and the US was the “bedrock for the free market economies of the world”.
“But what the US is doing now is not reform,” he said. “It is abandoning the entire system it had created.”
Source: Lawrence Wong on Facebook
While Singapore’s direct exposure is limited for now, he cautioned:
If other countries adopt the same approach … we risk being squeezed out, marginalised, and left behind.
Global trade war could be on the horizon after US tariffs, PM Wong said
While Singapore will not impose retaliatory tariffs, PM Wong warned that other countries may not show the same restraint.
Source: Lawrence Wong on Facebook
The risk of a “full-blown global trade war” is growing, he said, with far-reaching consequences for international trade and investment.
He added that Singapore, with its high reliance on trade, would be hit harder than most.
“The last time the world experienced something like this was in the 1930s,” he said, referencing the trade wars that preceded World War II.
Source: Lawrence Wong on Facebook
Singapore must stay vigilant & united, PM Wong says
PM Wong pledged that Singapore would stay “vigilant”, build up capabilities, and deepen ties with like-minded countries.
“We are more ready than many other countries — with our reserves, our cohesion, and our resolve. But we must brace ourselves for more shocks to come,” he said.
Source: Lawrence Wong on Facebook
He closed his address with a rallying call.
“Let us not be lulled into complacency. The risks are real and the stakes are high. The road ahead will be harder. But if we stay resolute and united, Singapore will continue to hold its own in this troubled world.”
Source: Lawrence Wong on Facebook
Also read: S’pore hit with 10% tariffs after Trump announcements, ASEAN among most affected
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Featured image adapted from Lawrence Wong on Facebook and CNN.
