Read more at https://www.channelnewsasia.com/news/singapore/singapore-to-push-for-quick-eu-ratification-of-free-trade-deal-10518942
(Updated: )
Ricky Lim
US tariffs on US$34 billion worth of Chinese goods kicked in last Friday and in response, China imposed retaliatory tariffs on a similar scale. Washington on Tuesday announced it will slap 10 per cent tariffs on another US$200 billion in Chinese export goods as soon as September.
Analysts have said that the escalating trade war between the world's two largest economies could disrupt the global supply chain.
For instance, Singapore companies that produce immediate goods used in the production of China's exports to the US may see lower demand for their goods.
As such, Mr Chan said Singapore's strong trading networks are important because they will help these companies seek out alternative suppliers and new markets.
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China should look at alternatives market to replace US market - with US implementing $54 billion and $200 billion tariff on China's goods.
Similarly Singapore should also look at alternative market that is selling to China as intermediate goods into US - to compensate any losses from the trade war in which US launch on China.
China cannot be held hostage by US trade action.
Similarly, Singapore cannot suffer collateral damages as a result of Trump led US trade war on the World.
We must wriggle our way out - to ensure that we will not be badly hurt by the Trump led trade war.
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Posted on :- 07 Jul 2018 11:14AM (Updated: 07 Jul 2018 11:17AM)
Ricky Lim
John Low - The above trend is already happening.
Total World trade of goods and services are $41.6 trillion.
US trade contribute only $4.9 trillion.
EU trade = $5.4 trillion (more than US).
China and HK trade = $5.6 trillion (more than US).
Japan trade = $1.6 trillion.
S Korea trade = $1.1 trillion.
Canada trade = $0.984 trillion.
Singapore trade = $0.917 trillion.
India trade = $0.917 trillion.
Mexico trade = $0.824 trillion.
The World by cooperating (without US) contribute = $36.7 trillion.
You think the World cannot live without US?
Analysts have said that the escalating trade war between the world's two largest economies could disrupt the global supply chain.
For instance, Singapore companies that produce immediate goods used in the production of China's exports to the US may see lower demand for their goods.
As such, Mr Chan said Singapore's strong trading networks are important because they will help these companies seek out alternative suppliers and new markets.
--
China should look at alternatives market to replace US market - with US implementing $54 billion and $200 billion tariff on China's goods.
Similarly Singapore should also look at alternative market that is selling to China as intermediate goods into US - to compensate any losses from the trade war in which US launch on China.
China cannot be held hostage by US trade action.
Similarly, Singapore cannot suffer collateral damages as a result of Trump led US trade war on the World.
We must wriggle our way out - to ensure that we will not be badly hurt by the Trump led trade war.
---
Posted on :- 07 Jul 2018 11:14AM (Updated: 07 Jul 2018 11:17AM)
Ricky Lim
John Low - The above trend is already happening.
Total World trade of goods and services are $41.6 trillion.
US trade contribute only $4.9 trillion.
EU trade = $5.4 trillion (more than US).
China and HK trade = $5.6 trillion (more than US).
Japan trade = $1.6 trillion.
S Korea trade = $1.1 trillion.
Canada trade = $0.984 trillion.
Singapore trade = $0.917 trillion.
India trade = $0.917 trillion.
Mexico trade = $0.824 trillion.
The World by cooperating (without US) contribute = $36.7 trillion.
You think the World cannot live without US?
Like · Reply · 1m
Ricky Lim
Posted on :- 07 Jul 2018 11:14AM (Updated: 07 Jul 2018 11:17AM)
Ricky Lim
However this time ---- if the Whole World co-operate by building a "Trade Firewall" against US ---- it is possible to prevent a "Deep Depression of the 1930s that trigger World War 2".
This is by :-
(1) Forging multi-lateral trade deals like CPTPP, RCEP, EU-ASEAN FTA, BRI etc among many Countries in the World - minus Trump-led US.
(2) Forging bilateral trade deals like China-Singapore FTA, EU-Singapore FTA, India-Singapore FTA, etc....
By doing so, the World is re-configuring the Global Supply chain, Global Trade, Business and Investment (without US) to come out with a new Global Supply chain, Global Trade, Business and Investment.
By doing so, what Trump try to do in Global trade - will have minimal impact on the World.
Whether Trump-led US economy will survive or not is Trump's business - the World can hear less of Trump or what he want to do ---- Trump become a "Total Isolationist" and a "Fully Erected Trade Firewall" is build against Trump led US ----- averting a similar "1930 Deep Depression and the subsequent World War 3".
Ricky Lim
However this time ---- if the Whole World co-operate by building a "Trade Firewall" against US ---- it is possible to prevent a "Deep Depression of the 1930s that trigger World War 2".
This is by :-
(1) Forging multi-lateral trade deals like CPTPP, RCEP, EU-ASEAN FTA, BRI etc among many Countries in the World - minus Trump-led US.
(2) Forging bilateral trade deals like China-Singapore FTA, EU-Singapore FTA, India-Singapore FTA, etc....
By doing so, the World is re-configuring the Global Supply chain, Global Trade, Business and Investment (without US) to come out with a new Global Supply chain, Global Trade, Business and Investment.
By doing so, what Trump try to do in Global trade - will have minimal impact on the World.
Whether Trump-led US economy will survive or not is Trump's business - the World can hear less of Trump or what he want to do ---- Trump become a "Total Isolationist" and a "Fully Erected Trade Firewall" is build against Trump led US ----- averting a similar "1930 Deep Depression and the subsequent World War 3".
Like · Reply · 1m
Eric Pang
Ricky Lim . Thanks for sharing. Hope Singapore wouldn't be to badly affected and ratification of the European Union-Singapore Free Trade Agreement will be complete soon.
Like · Reply · 9h
Ricky Lim
Eric Pang - Yes hopefully we are not too badly affected by the trade war.
But having say so we have to be mentally prepared for a vast changing landscape - when the trade war take a turn for the worst.
The tariff launched by Trump is a 100% trade block against China.
The impact is very big.
If we look around us, US MNCs are found almost in every Countries in the World.
US MNCs will take the biggest hit.
Re-configuration of the MNCs - whether US or other Countries will be imperative - as the World Supply Chain are hit.
For eg. Harley Davidson who have a large domestic market and large EU market - are split in the middle by the trade war.
Telsa is also similarly hit - but move its production plant to Shanghai.
Many US companies that sell domestically and overseas - will manouever themselves around the tariff.
This will be the same for other Countries MNCs.
Singapore has to be alert to such re-configuration and position ourselves strategically to benefit from the re-configuration --- so that we will not get hit.
But having say so we have to be mentally prepared for a vast changing landscape - when the trade war take a turn for the worst.
The tariff launched by Trump is a 100% trade block against China.
The impact is very big.
If we look around us, US MNCs are found almost in every Countries in the World.
US MNCs will take the biggest hit.
Re-configuration of the MNCs - whether US or other Countries will be imperative - as the World Supply Chain are hit.
For eg. Harley Davidson who have a large domestic market and large EU market - are split in the middle by the trade war.
Telsa is also similarly hit - but move its production plant to Shanghai.
Many US companies that sell domestically and overseas - will manouever themselves around the tariff.
This will be the same for other Countries MNCs.
Singapore has to be alert to such re-configuration and position ourselves strategically to benefit from the re-configuration --- so that we will not get hit.
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