PM: S'pore must be clear-eyed about dangers ahead; risks are real, stakes high

Republic must brace itself as global norms erode and institutions weaken, he says

- Hariz Baharudin

Singapore must be clear-eyed about the dangers ahead, as global institutions get weaker and international norms erode, said Prime Minister Lawrence Wong on April 4.

Touching on the recent news about the decision by the US to impose tariffs on many countries including Singapore, PM Wong said that the Republic must brace itself for more shocks to come.

"We must be clear-eyed about the dangers that are building up in the world. Global institutions are getting weaker; international norms are eroding," he said in a five-minute video uploaded to his social media accounts.

"More and more countries will act based on narrow self-interest, and use force or pressure to get their way. This is the harsh reality of our world today."

On April 2, US President Donald Trump announced a decision to impose a 10 per cent tariff on most goods imported into the US from Singapore and key partners, with higher duties for many other countries.

Describing the announcement as a "seismic change in the global order", PM Wong stressed how with the move, the era of rules-based globalisation and free trade is over.

The world is entering a new phase—one that is more arbitrary, protectionist and dangerous, he noted.

"For decades, the US was the bedrock for the free market economies of the world. It championed free trade, and led efforts to build a multilateral trading system, anchored by clear rules and norms, where countries could achieve win-win benefits through trade," he said.

"This World Trade Organisation (WTO) system brought unprecedented stability and prosperity to the world—and to the US itself."