Don't bet against the US; economy likely to remain very formidable: Chee

Access to talent will not be hit as Trump is only against illegal immigrants, he says

- Yew Lun Tian

The United States economy will likely remain "very formidable", said Transport Minister Chee Hong Tat, despite worries about a volatile Trump presidency and the risks of restrictive immigration policies and the erection of trade protectionist measures.

"Don't bet against the US," Mr Chee, who is also Second Minister for Finance, told a forum organised by The Straits Times on Nov 12, as he reflected on the implications of President-elect Donald Trump's win for the rest of the world.

Given access to global talent, enterprising companies and a culture of always wanting to "make tomorrow better", the US economy will likely remain "very formidable", he said.

Speaking at a fireside chat moderated by ST editor Jaime Ho at the ST Asia Future Summit held at Andaz Singapore, Mr Chee gave his take on the long-term prospects of the economy.

"What (Trump) is against is illegal immigrants, but he is not stopping the inflow of talent from around the world. That policy will allow the US to remain innovative and competitive," Mr Chee said.

Meanwhile, US companies are stepping up investments overseas, including in Singapore, and may become new engines of growth.