'Shaping Our Own Destiny' - Singapore's PM Wong

COLOMBO (News 1st); Singapore's Prime Minister Lawrence Wong says the escalating trade tensions between the United States and China, will have a profound impact on global business and economic stability. 

Despite the US postponing most of its "reciprocal" tariffs, the current baseline tariff rates remain significantly higher than before, creating substantial uncertainty for businesses worldwide. 

Companies are unable to plan long-term investments due to the unpredictable nature of tariff changes, he said.

Prime Minister Wong pointed out that the US and China are now engaged in a full-blown trade war, with US tariffs on Chinese goods reaching 145% and China's retaliatory tariffs on US goods at 125%.

He emphasized that Singapore's prosperity has historically depended on a stable, rules-based global order and the free flow of trade, capital, people, and ideas. As this old order frays, a new, more multipolar, less coordinated, and more contested global system is likely to emerge. This new order will be shaped by the actions and choices of many different players rather than the grand designs of a single superpower or a harmonious concord of major powers.

Despite Singapore's limitations as a small state, Prime Minister Wong stressed the importance of responding with agility and resolve, actively shaping the nation's destiny. He noted that Singapore is better resourced, more capable, and more connected than it was in 1965, with strong global friendships and a well-regarded international brand. Singapore enjoys a deep reservoir of international goodwill and is not alone in its commitment to an open, stable, and rules-based global system.

Prime Minister Wong called for deepening and expanding networks with like-minded countries to preserve multilateral frameworks and lay the groundwork for a more stable global order in the years ahead.