‘What makes America great is not just a set of trade numbers’: Chan Chun Sing Read more at https://www.channelnewsasia.com/news/business/chan-chun-sing-america-great-not-just-a-set-of-trade-numbers-11365890
Singapore is doing very well in every aspect of our Economy - thanks to our Wise Government - who is doing everything right to grow the Economy and our Finances - as well as growing jobs and sharing of wealth.
Only US$5 trillion is contributed by external trade.
US$14 trillion is contributed through its internal economy.
Trump administration is wasting so much time trying to fix the trade deficit - which is out of proportion to its internal economy. By doing so, it distort the optimised global supply chain (achieve through market forces) - that source from its cheapest suppliers.
This bring about higher cost of production not only to US but also to the whole World - impacting its internal economy.
President Donald Trump's trade battles cost the U.S. economy US$7.8 billion in lost gross domestic product in 2018, a study by a team of economists at leading American universities published this week showed.
The impact of Trump's actions and found that imports from targeted countries declined 31.5 percent while targeted U.S. exports fell by 11 percent. They also found that annual consumer and producer losses from higher costs of imports totaled US$68.8 billion.
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The above study of the outcome of Trump's trade war --- show a negative impact on the trade war ---- "penny wise, pound foolish".
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