Singapore’s MAS deputy director advises against tariff retaliation.
Asian economies need to intensify regional trade integration services.
Protectionism and import taxes disrupt resource allocation and lower the consumer surplus.
A senior official from Singapore’s Monetary Authority (MAS), Edward Robinson, has warned that a tit-for-tat approach on tariffs would harm both the issuing and receiving economies. Robinson advised that instead of following the path of retaliation, Asian economies must aim to remain agile.
According to Robinson, who serves as Deputy Director and Chief Economist at MAS, engaging in retaliatory tariffs would lead to negative supply shifts, worsening the growth-inflation trade-off and complicating monetary policy.
He strongly advised that the focus should be on maintaining the existing global system and avoiding actions that could be detrimental to economic stability, colorfully urging against “throwing rocks into their harvest.”
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