S'pore No Longer Operating in a Stable External Environment, Says SM Lee

Current Uncertainty Caused by US Tariffs Is Unprecedented and Is Set to Persist, He Says

- Anjali Raguraman

Singapore has gone through and overcome many crises in the past, but the current global uncertainty caused by the US-imposed tariffs is unprecedented and will last a very long time, said Senior Minister Lee Hsien Loong.

A supportive and stable external environment is no longer a given, he stressed.

"Some people say 'don't get excited, don't overblow the issue, we've weathered bigger storms before, we haven't failed'," said SM Lee, who was speaking ahead of a National Trades Union Congress (NTUC) dialogue, which was attended by NTUC president K. Thanaletchimi, secretary-general Ng Chee Meng and other union leaders.

"We should take it in our own stride, but we do need to be concerned and to understand what is happening and what this means for us, because this time, something important is different."

SM Lee said: "I hope that Singaporeans understand what is happening, what is at stake and what we must do together to secure our future."

He noted how the Republic has weathered the likes of the Asian financial crisis, Sars (severe acute respiratory syndrome) and, more recently, the Covid-19 pandemic, where the country has been able to "batten down (the) hatches and see it through".

While Singapore has been able to emerge successfully before, it had done so in a climate where it had two things in its favour, namely the ability of the country to unite during turmoil; and a working global economic system that promoted the free flow of trade and a level playing field.

He said: "The free flow of investments encouraged MNCs (multinational corporations) to look for places to do business. We were efficient, we were doing well. We came out from trouble. We plugged back in. We could resume growing, resume developing, resume succeeding."