Trump's shifting policies won't change climate of multipolarity: George Yeo

Region must act as peacemakers, not troublemakers, says S'pore's ex-minister

- 

US President Donald Trump's trade policies and tariffs may shift like the weather, but the climate of multipolarity is here to stay, said Singapore's former foreign minister George Yeo, adding that the bigger question is whether the US can heal and rejuvenate.

"Trump's nature will not change. We have three more years; after that, a new US president. May be easier, I don't know... but the climate, which is multipolarity, is almost inevitable," he said on Sept 25 at the Southeast Asia Lecture Series (SEA Lecture).

"The big question mark is the US itself. To what extent can it heal, revive and rejuvenate?" he asked at the event jointly presented by The Business Times and SPH Media's flagship Chinese publication, Lianhe Zaobao.

Mr Yeo headlined this third edition of the event, delivering a keynote speech, and then speaking at a fireside chat on Mr Trump's economic impact on Southeast Asia. Moderated by the Chinese-language daily's foreign editor Ng Hui Min, the session was followed by a question-and-answer session and a book signing.

In response to a question posed by Thai Board of Trade vice-chairman Kasemsit Pathomsak on medium-term worst-case scenarios, Mr Yeo said the greatest uncertainty remains the global financial situation which, if brought to a head, would fracture politics.

"The quarrel between the Treasury and the Fed suggests to me a certain fear that the US economy is not doing that well in substance," he said.

It appears to be in good shape because the wealthy spur certain kinds of consumption and drive up asset prices, but everywhere in the world, tensions in society are building due to excess liquidity and technological changes, he added.

And with another global financial crisis due this time with much higher debt levels the world may end up in a big financial hole, turning politics ugly globally, he said.