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.-VNA
