Deep Dive Podcast - How will Trump’s tariffs affect jobs, wages and prices in Singapore?
How worried should people in Singapore be about US tariffs and the impact on their daily lives? Minister Chan Chun Sing drills into these issues.
Here is an excerpt from the conversation:
Steven Chia, host:
So what is Singapore going to do? Because now we know we're in this situation, and (President Donald Trump) hasn't played by the rules, but we are still choosing to play by the rules.
Mr Chan Chun Sing, Education Minister:
The first thing, and I think the most important thing for us to do, is to stay calm ... There's a very important reason why we need to stay calm.
Because in a world that is a bit messy and topsy-turvy, people are still looking for places where there is stability, there's sanity, and people give a premium for that. If we can distinguish ourselves, we command a premium.
The second thing is then that we make sure that we must have the strongest team possible. Because if one day, if we have to go and negotiate a new arrangement with any parties, people will only take us seriously if they believe that we are people whom they can trust, people who can deliver based on what we say. So having a strong and competent team to fly the Singapore flag is very important.
But having said that, I think there are other things that we must continue doing. For example, what has made Singapore so attractive in the past? And that's because we play by the rules. We are a place whereby you can mobilise your capital, aggregate talent, and protect your intellectual property.
We have the rule of law. We provide a stable environment for investors. And this, I think even in a topsy-turvy world, will still command a premium. And you can argue that perhaps the premium is even more significant.
Otelli Edwards, host:
We've had this long-standing policy where we don't take sides. We try to be friends with everybody. But as this goes on, would Singapore have to come to a point where we (are forced) to take sides?
Mr Chan:
No. In fact, that is not the correct conclusion.
We have always said that in Singapore, we don't choose sides, but we choose principles. We choose principles that best support our long-term success and survival. So this includes being open, being connected with the rest of the world.
The point about making friends remains. We must continue to make friends and as many friends as we can. And we must always bear in mind that even if the US and the Chinese economies, even if they combine, depending on how you count, they may form one-third or so (of) the global GDP. There's the other two-thirds of the world that are still out there that we need to trade with, and we need to learn to deal with and thrive together.
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