The "trade tension" between China and the US could easily lead to a more serious friction that affects the stability and security of the world, Singaporean Prime Minister Lee Hsien Loong said in his May Day Rally speech on May 1.
Singaporean Prime Minister Lee Hsien Loong (Photo: AFP/VNA)
Hanoi (VNA) - The "trade tension"between China and the US could easily lead to a more serious friction thataffects the stability and security of the world, Singaporean Prime Minister LeeHsien Loong said in his May Day Rally speech on May 1.
PM Lee said Singapore's economy depends on externalenvironment, and the growing friction has clouded the outlook.
He noted the Donald Trump administration has madetrade a top issue, especially the US’s trade with China, as it is puttingrestrictions and tariffs on a total 150 billion USD worth of Chinese productsunilaterally, without going through the World Trade Organisation (WTO).
The PM said Singapore will suffer collateral damage,and the Trump administration's unilateral tariffs undermine the WTO systemwhich supposed to be open, rule-based and multilateral.
The WTO system imposes rules on countries both big andsmall, which ensure free, fair and orderly world trade, and if these rules arenot followed, all countries, especially small countries like Singapore, willsuffer, he added.-VNA
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Singaporean Prime Minister Lee Hsien Loong (Photo: AFP/VNA)
