Singapore

Singapore Prime Minister Lawrence Wong addressed the shifting global landscape, emphasizing the growing rivalry between the US and China. In his speech at the annual S. Rajaratnam Lecture, Wong described how both superpowers are vying for global influence without direct conflict, while reshaping the geopolitical order. He highlighted the breakdown of the post-World War II international system, the US's increasing isolationism, and the emergence of China as a formidable competitor.

Singapore has downgraded its 2025 GDP growth forecast to a modest 0-2% following the heightened risks posed by escalating trade wars, particularly between the United States and China. In response, the Monetary Authority of Singapore (MAS) has further loosened its monetary policy to mitigate economic pressures. The growing uncertainty around global trade, exacerbated by U.S. tariffs and China's retaliatory measures, has dampened business confidence, and the effects are now being felt across Singapore’s key sectors, particularly manufacturing and finance.

Singapore has established a national task force to mitigate the effects of sweeping US tariffs, which Prime Minister Lawrence Wong warned could disrupt economic growth, jobs, and wages. The tariffs, set to go into effect in April 2025, impose a universal 10% duty on all imports into the US, with higher rates for countries viewed as treating the US unfairly. The task force, led by Deputy Prime Minister Gan Kim Yong, will help Singapore’s businesses and workers adjust to these new global challenges.