Hightlight Notes
- ๐ Changing Global Landscape: Singapore's PM warns of significant shifts in the global order that will negatively impact small economies like Singapore.
- ๐ End of Free Trade Era: The era of rules-based globalization is deemed over as the US adopts new protectionist policies.
- ๐บ๐ธ US Tariff Changes: The recent US tariffs signal a seismic change away from the established WTO framework towards more arbitrary trade practices.
- ๐ฆ WTO's Importance: The World Trade Organization once offered stability and prosperity through multilateral trade, but is now at risk.
- ๐ US's New Approach: The US's strategy of reciprocal tariffs undermines the global trading system, pushing nations towards isolation.
- โณ Risks for Small Nations: Countries like Singapore may become marginalized if the US's protectionist approach spreads globally.
- โ ๏ธ Potential Global Response: Other countries might retaliate against US tariffs, creating a precarious trade environment.
- ๐ Economic Impact: Increased tariffs and uncertainty could negatively affect global trade, investments, and growth, hitting Singapore hard due to its reliance on trade.
- ๐จ Historical Parallels: The PM warns that trade disputes may escalate as they did in the 1930s, leading to armed conflicts.
- ๐ Weakening Global Institutions: Global norms are eroding, with more countries pursuing self-interests through force or pressure.
- ๐ก๏ธ Preparedness and Vigilance: Singapore will bolster its capabilities and partnerships to navigate these uncertain times.
- ๐ โโ๏ธ No Complacency: The population is urged to stay alert to the high risks ahead rather than succumb to complacency.
- ๐ช Unity is Key: The PM stresses the importance of staying united and resolute to thrive amid global challenges.