The "trade tension" between China and the US could easily lead to a more serious friction that affects the stability and security of the world, Singaporean Prime Minister Lee Hsien Loong said in his May Day Rally speech on May 1.
Singaporean Prime Minister
Lee Hsien Loong (Photo: AFP/VNA)
PM Lee said Singapore's economy depends on
external environment, and the growing friction has clouded the outlook.
He noted the Donald Trump administration has made trade a top issue, especially
the US’s trade with China, as it is putting restrictions and tariffs on a total
150 billion USD worth of Chinese products unilaterally, without going through
the World Trade Organisation (WTO).
The PM said Singapore
will suffer collateral damage, and the Trump administration's unilateral
tariffs undermine the WTO system which supposed to be open, rule-based and
multilateral.
The WTO system imposes rules on countries both big and small, which ensure
free, fair and orderly world trade, and if these rules are not followed, all
countries, especially small countries like Singapore, will suffer, he
added.
Source: VNA
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