Singapore Warns of Tariff Cascade Amid Trump's Trade Policies

Singapore's Deputy Prime Minister Gan Kim Yong has warned about the possible economic effect of President Trump's tariffs, predicting a "tariff cascade" that would destabilize global growth. This is while Trump turns his guns on Asia with tariffs against key trading partners such as China, Japan, and South Korea. The step has the potential to trigger a domino effect of protectionism, altering the trade map of Asia and potentially diminishing American influence in the continent. Economies in Asia are preparing themselves for the impact, and some are resorting to regional blocs to cushion the risks.

 

Source: Bloomberg