Singapore Economic Trouble Tariffs: Singapore Prime Minister Lawrence Wong said on Saturday that the era of globalisation and free trade is over. Now, the world is entering a new era that is going to be dangerous.
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Singapore Economic Trouble Tariffs: What is said, PM Wong?
PM Wong said that people should accept that a period of uncertainty has arrived. It is not certain what will happen next. Things can change again and again. One should be prepared for this in advance.
Wong warned that tariffs could harm the world economy and lead to a major trade war. He believes this will affect the supply chain and increase economic instability. He also said that small and trade-dependent countries like Singapore will be more affected by the tariff problem.
What is said British PM on Singapore Economic Trouble Tariffs
British PM Keir Starmer has also said in an article on Saturday that the era of globalization is over. According to British media reports, he will address the nation tomorrow, in which he will announce the end of globalization.
According to media reports, Starmer is angry with Trump’s decision to impose tariffs. He said that globalization is no longer benefiting many people. Starmer has admitted that after this, competition will increase, and efforts will begin to increase domestic production around the world.
Let us know, Trump imposed reciprocal tariffs worldwide on April 2. This is being criticized worldwide.
Lowest tariff on Singapore, yet the biggest impact Trump has announced a 10% tariff on Singapore. This is the lowest in comparison to other countries but experts believe that this will have a huge impact on Singapore as this country is completely dependent on world trade.
Trump’s tariffs, such as 54% on China, 46% on Vietnam, and 26% on India could slow down global trade around the world. If trade with these countries decreases, Singapore’s shipping and logistics companies will also get less work, as Singapore is a major hub for them. If companies get less money, they will not create new jobs or may lay off some people. Also, the prices of goods may increase, which will increase the cost of living in Singapore.
US slaps 10% tariff on Singapore, 26% on India.
— Jothimani (@jothims) April 7, 2025
Singapore PM calls it a ‘seismic shift’ & warns of more shocks.
Indian PM stays silent as a bloodbath hits markets & exporters scramble.
In moments like this, nations need leadership—not silence.#Nifty #sensex #TariffWar pic.twitter.com/OHoEGI0BAZ
What is Globalization?
Globalization means countries across the world connecting with each other and doing business together. Earlier we only had our own indigenous products. Even if goods from foreign countries came, they were beyond the reach of the common man due to high taxes.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗