Singapura, The Business Times, Inglês – Singapore braces itself for collateral damage as Trump’s tariffs pave way for global trade war: analysts

SINGAPORE may have to brace itself for serious economic fallouts and double down on trade pacts if the US’ sweeping new tariffs – on imports from China, Canada and Mexico – pave the way for a major trade war, observers told The Business Times.

In particular, a further slowdown in China’s growth prospects would be worrying, given its strategic and economic importance to this region, said OCBC chief economist Selena Ling.

“The analogy is that when two elephants fight, others in the grass may get trampled,” said Ling, who is also the bank’s head of global markets research and strategy.

Over the weekend, Trump signed executive orders imposing 25 per cent tariffs on Canadian and Mexican imports and 10 per cent on Chinese goods, starting on Tuesday (Feb 4). Energy products from Canada face a lower 10 per cent duty, following concerns from oil refiners.

Canada has since vowed to impose 25 per cent counter-tariffs on C$155 billion (S$144 billion) worth of US-made goods, while Mexico has also announced retaliatory measures. China said that it would file a lawsuit with the World Trade Organization (WTO).