Read more at https://www.channelnewsasia.com/news/business/some-take-precautions-some-fear-onset-of-trade-war-singapore-10056414
(Updated: )
Ricky Lim ·
To prepare for such a scenario, the company has been working out back-up plans with its customers. In particular, the aerospace and defence original equipment manufacturers that are reliant on such specialty steel and aluminium products.
“We are asking them to be prepared for higher costs,” Mr Lau told Channel NewsAsia. “If not, they must give us new projections to either purchase more metals in advance or find replacements from Europe.”
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We must be prepared to find alternative and not insist to pay a higher price to Trump induced tariff.
Else it provide legitimacy to Trump tariff and support his global trade war.
“We are asking them to be prepared for higher costs,” Mr Lau told Channel NewsAsia. “If not, they must give us new projections to either purchase more metals in advance or find replacements from Europe.”
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We must be prepared to find alternative and not insist to pay a higher price to Trump induced tariff.
Else it provide legitimacy to Trump tariff and support his global trade war.
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Ricky Lim ·
But if the haunting spectre of a global trade war materialises, DBS’ Mr Seah said the US-Singapore free trade agreement (FTA) could come in handy as a safeguard.
“But Singapore has invested significant resources over the decades to safeguard trading linkages with all our partners. Now that we see emerging trade protectionism, particularly from the US, that’s when all the legally binding agreements will be very useful,” he said.
On a broader level, the inking of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) earlier this month also offers some hope that cooler heads prevail.
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We must leverage on the :-
(1) FTA - to take issue with US if US breach the safeguard with its tariff.
(2) look for alternative market through CPTPP to replace US increasingly protected market
(3) work with other Countries and WTO to find ways to minimise the impact of the global trade war trigger by Trump.
“But Singapore has invested significant resources over the decades to safeguard trading linkages with all our partners. Now that we see emerging trade protectionism, particularly from the US, that’s when all the legally binding agreements will be very useful,” he said.
On a broader level, the inking of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) earlier this month also offers some hope that cooler heads prevail.
--
We must leverage on the :-
(1) FTA - to take issue with US if US breach the safeguard with its tariff.
(2) look for alternative market through CPTPP to replace US increasingly protected market
(3) work with other Countries and WTO to find ways to minimise the impact of the global trade war trigger by Trump.
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