REACH (Telegram) 75 - What are your views on the latest updates by the Singapore Economic Resilience Taskforce? What more can Singapore do to navigate through the current economic uncertainties?
(SK)
19 May 2025 (10am - 7pm)
REACH (Telegram)
REACH Singapore, [19/5/2025 9:44 am]
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REACH Singapore, [19/5/2025 9:59 am]
📢 Topic 📢
DPM Gan said that Singapore may be able to escape tariffs on pharmaceutical exports to the US even if it goes ahead with plans to introduce sectoral tariffs. Providing an update on the progress made by the Singapore Economic Resilience Taskforce on 16 May, DPM Gan said the US wants to use sectoral tariffs to secure the supply chain for its pharmaceutical supplies.
💬 What are your views on the latest updates by the Singapore Economic Resilience Taskforce? What more can Singapore do to navigate through the current economic uncertainties?
📌 Pharmaceutical Exports to the US
DPM Gan said that this is a significant opportunity and agreement for Singapore because pharmaceutical goods are an important part of the country's exports to the US. Pharmaceuticals make up over 10 per cent of the country’s exports to the US.
The broad concept is "more or less there", but the Government will need to consult private pharmaceutical companies to find out what is possible or not in the agreement, said DPM Gan.
As for semiconductors, the US said it is happy to discuss how to ensure continued supply for Singapore, but the focus is on pharmaceuticals for now.
📌 Uncertainty in the Global Economy
DPM Gan acknowledged that tariffs between the US and China have come down, and described them as "encouraging developments". The US and China recently agreed to slash sweeping tariffs for 90 days after meeting for talks in Geneva.
DPM Gan stated that the discussion between the world's two largest economies is a "starting point" for what's likely to be quite a long journey. He added that “the fact that the US and China had a discussion at the negotiating table is encouraging, but it's too early to tell what the outcome will be, and the uncertainty remains”.
At the same time, Singapore is deepening ties with like-minded trading partners, such as its fellow ASEAN member states. One avenue will be the upgrading of the ASEAN Trade in Goods Agreement (ATIGA), which has been in force since 2010. DPM Gan added that under the agreement, tariffs are very low, if not zero, for most countries.
📌 Reshuffle of the Taskforce
DPM Gan said “there may be some adjustments because the task force appointments were based on the Ministers' portfolios”.
If there are any changes in portfolios, the composition of the Taskforce may change. "I think you just have to be patient, because the Prime Minister will announce the new Cabinet lineup," DPM Gan said.
👉 https://cna.asia/3SKpWQR
👉 https://str.sg/Kbyv
----
Khai Mun L., [19/5/2025 10:05 am]
Not much comments on this topic.
Nothing is confirmed and everything seems like regular government operations
Hanny, [19/5/2025 10:13 am]
We are at a juncture where it is no longer business/life as usual. The people needs to know and be prepared for it. Gov needs to be transparent as much as possible.
It’s not an easy transition. The problem is not only us china relations. We have AI disrupting the way we live n the way we work.
Understanding what we are facing is the first important step.
365, [19/5/2025 10:19 am]
Considering how pharmaceuticals is our largest export industry to the US, it makes sense why we are focusing on this first. Being a country that thrives on open trade, any trade barriers removed is a win for us.
Given how they have handled foreign relations, I wouldn't be too worried about their capabilities of leading us through this.
Hanny, [19/5/2025 10:23 am]
I would like to see CNA to be impartial in its reporting. There are too many fake/one-sided news out there that it’s becoming more difficult to filter.
Hanny, [19/5/2025 10:25 am]
Currently CNA is biased. Once I read the title, I can sort of guess the line of the story.
Andy, [19/5/2025 10:47 am]
Can explain more? What are they biased about?
REACH Singapore, [19/5/2025 11:00 am]
[ Poll : 1. I am confident Singapore can continue to thrive amidst a more uncertain global environment. Please share your reasons in the chat. ]
- Strongly Agree
- Agree
- Neutral
- Disagree
- Strongly Disagree
REACH Singapore, [19/5/2025 11:00 am]
[ Poll : 2. I am concerned about the impact of the US tariffs. ]
- Very concerned
- Concerned
- Neutral (taking a wait and see approach)
- Unconcerned
- Very unconcerned
REACH Singapore, [19/5/2025 11:00 am]
Dear Contributors,
Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.
We look forward to hearing your thoughts on today’s topic!
Thank you.
Megan 😊
Joomua Tng, [19/5/2025 11:12 am]
young generations are changing.
the attitude for change, for better or worse,
and the under current threat of extremists and jihadists, calling for tribalism votes and growing political correctness of a portion of population is a call for concern.
coupled with a lack of indepth understanding of Singapore history, and differences in various religions' teaching is a recipe for potential tectonic political upheavel in the future is a cause for concern..
change maybe good, but the principles that keep Singapore relevant, survive, prosper and progress must not be removed.
E.g. Military Defenses and budget expenses is a must, the National Service of 2 to 2 and a half year cannot be reduced...
ISA cannot be abolished, it is a defense mechanism to protect Singapore from jihadists, extremists of all sorts
The current system of National reserves cannot be touch at all cost other than crisis like SARs and Covid etc.
During crisis the value of money can shrink in purchasing power at a drastic level. Which most people who only see short term benefit and living in peaceful prosperity time cannot understand the big drop of cash value and purchasing power during crisis..
G, [19/5/2025 11:56 am]
This kind of topic is so technical, what kind of views are you really looking for?
So much focus on GKY, together with some possibility of some taskforce reshuffle, looking for praise?
Looking for speculation on next taskforce composition?
G, [19/5/2025 11:58 am]
What more can Singapore do to navigate through current economic uncertainties?
Get the taskforce to also do an in depth audit on profligate spending by the whole govt. Cutting unnecessary spending means less demand for tax dollars, and can in turn reduce taxes to contain cost of living
LCL (Danny 心), [19/5/2025 12:05 pm]
1. US is one of our biggest customer in pharmaceutical export US $9.96 billions in 2023 according to Google.
2. This does not include the downstream sectors such as freight, logistics, insurance, banking letter of credits, wholesale, retail, warehouse storages, transport etc.
3. Hence the tariff impact to our economy is very big.
4. It will impact many of our business and jobs - port, logistics, shipping, banking, bunkering service, warehousing , wholesale, retail services.
LCL (Danny 心), [19/5/2025 12:10 pm]
5. If 10% reciprocal tariff is levy, it means $100 medicine will cost $110 to American consumers.
6. If we able to negotiate for zero tariff, that means American consumers will buy at $100.
7. That means our export will remain intact that will contribute to our GDP, business activities, jobs, salaries and tax revenue to our government.
8. Hence ensuring we get a good deal in the trade negotiation is extremely important to us.
LCL (Danny 心), [19/5/2025 12:13 pm]
Indonesia’s plan to cut fuel imports from Singapore could disrupt trade flows, but fallout likely minimal: Analysts.
Indonesia is looking to change the source of some of its fuel imports from Singapore to the United States as part of tariff negotiations.
https://www.channelnewsasia.com/singapore/indonesia-fuel-imports-singapore-trade-economy-united-states-tariffs-5126406
LCL (Danny 心), [19/5/2025 12:19 pm]
Indonesia import US $11.4 billion of fuel from Singapore.
Indonesia as a result of tariff negotiations with US intend to cut our fuel export to zero - and will totally import from US to appease Trump tariff as well as from the Middle East.
The impact to us is that our fuel refinery, port, logistics, shipping, bunkering services, insurance, banking etc will be hit.
Hence there is a need to find alternative customers to absorb our lost fuel exports of US $11.4 billion to other countries to make up for the loss.
Eg. China, ASEAN or other regional countries that need fuel.
LCL (Danny 心), [19/5/2025 12:20 pm]
Having say so, I think there is a silver lining - based on detail analysis.
LCL (Danny 心), [19/5/2025 12:20 pm]
"Indonesia’s plan to boost fuel imports from US in shift from Singapore raises questions over costs".
1. US oil and gas need to come via Suez canal - targeted by Houthi. Danger that the supply could be cut off. Longer shipping routes, higher freight cost.
2. Higher insurance costs due to war risk.
3. Shipping routes may have to go via South Africa - much longer routes - again translate to higher transport cost and delay.
4. The total price from US oils and gas could be higher than Singapore price as the Singapore oil and gas come from many countries being a refinery hub.
5. The US oil and gas could even be refined by Singapore refineries that come back to square one.
https://www.straitstimes.com/asia/se-asia/indonesias-plan-to-shift-fuel-imports-from-us-instead-of-singapore-raises-questions-over-costs#:~:text=Indonesia%E2%80%99s%20plan%20to%20boost%20fuel%20imports%20from%20US%20in%20shift%20from%20Singapore%20raises%20questions%20over%20costs
YKC, [19/5/2025 12:20 pm]
ASEAN needs to be more United in moment like this. Trump seem to love small player, easier to chew.
LCL (Danny 心), [19/5/2025 12:30 pm]
1. Singapore GDP is about US $514 billions in 2024.
This is where we derive our tax revenue to finance our government spendings every year.
2. Trade is 3 times the size of our GDP in which more than 150% is derive from trade.
3. Hence securing our trade deals is imperative for our survival and prosperity.
Joomua Tng, [19/5/2025 12:34 pm]
is there websites for such information?
i must start to learn to do research on statistical data.
mind sharing?
LCL (Danny 心), [19/5/2025 12:46 pm]
You can do it a few ways:-
1. In Google type in your query in the search engines.
2. Use AI such as Meta AI, Chatgpt, DeepSeek through prompt
Most important to get accurate response from the above, you will need to have a good understanding of the topic to provide a good prompt to get an accurate response.
Always verify one AI against another and verify with Google search engines because sometimes, GAI can hallucinate and give a false response.
LCL (Danny 心), [19/5/2025 12:49 pm]
Another thing, read widely from various credible new source be it locals and foreign news to fact check against one another.
Use critical thinkings to analyse the news to reach a good understanding of the issues.
In fact CNA and Straits Times news are quite credible.
But again, I will fact check against other foreign news like BBC, CNN, Bloomberg, Yahoo, Google, SCMP etc to ensure no biasness.
LCL (Danny 心), [19/5/2025 12:59 pm]
1. As trade, our External Economy form a big part of our GDP under stress that will impact our GDP, business profit and jobs; we need to ramp up our the other wing of our Economy - ie. Domestic economy.
2. External economy make up of trade (import and export, as well as services), balance of payment (include financial inflow and outflow) and foreign investment.
Increasingly our economy come under stress - that will impact our business margin and jobs.
3. Then we will need to boost up our domestic economy - to secure our GDP, business and jobs.
4. Domestic economy largely make up of Government spendings and Consumptions - we need to ramp it up - not cutting it down.
Else we experience an implosion of demultiplier effects whereby our Economy implode inwards leading to many business failures and massive job loss - as trade that form the largest portion of our GDP come under stress impacting business and jobs - that may trigger a Recession.
Dr. Goh, [19/5/2025 1:02 pm]
What are the terms and conditions for tariffs to be zero? Does it include using Singaporeans as free test specimens for new vaccines?
LCL (Danny 心), [19/5/2025 1:04 pm]
To explain further how our economy are impacted:-
1. Trade (export and import)
2. Balance of payment (cash inflows and outflows) - financial hubs
3. Investment
4. Government spendings
5. Consumer consumption.
1, 2 and 3 come under stress.
Hence we need to ramp up 4 and 5.
Nicholas, [19/5/2025 1:05 pm]
We need to diversify as much as possible, USA has become an unreliable trading partner, behaves like an economic bully. Are there ways to diversify to other countries as customers? How about consider China and Russia? Potential tariffs on pharmaceuticals and semiconductors are very concerning. Will there be a baseline tariff similar to what has happened to other goods?
Hanny, [19/5/2025 1:06 pm]
I’m not sure about the rest but I feel that short writing, as in one screen length the most, is more readable than long write up.
Joomua Tng, [19/5/2025 1:06 pm]
point 4 is a slow "suicide" when point 1, 2 and 3 under stress.
point 5 is almost non existent. Singapore's domestic market area is too small.
LCL (Danny 心), [19/5/2025 1:11 pm]
1. Government has the foresight to ramp up government spendings through our long term planning, accumulated budget surplus plus prudent fiscal budget years after years - to beef up our investment expenditure eg. Changi T5, MRT, Tuas Megaport, refresh our tourism spots etc.
2. These are not unnecessary government spendings, but productive investment capital that will sharpen our global competitiveness to ensure the world will continue to come to our seaports, airports, invest in our economy, our logistics supply chain, shipping continue to berth, tourist continue to come in to our tourist spots attractions, mice for seminars and tours, big concerts eg. Lady Gaga, Taylor Swift, Coldplay etc.
3. And thanks to the foresight of our government that dish out CDC vouchers, SG60 vouchers, GST vouchers etc that boost our domestic consumption in our neighbourhood food stalls, groceries and retail shops.
Joomua Tng, [19/5/2025 1:15 pm]
i wonder wat useful statistic is able to be found within SingStats website.
does it include GDP information for the past 60 years?
frankly , i am a techno dinosaur....IT and searching for online data is an uphill task for me.
Khai Mun L., [19/5/2025 1:16 pm]
No one knows yet. Even trump himself don't know, he keeps changing his mind. Refer to the past proposed tariff with canada
RY, [19/5/2025 1:18 pm]
SG already part of the members of RCEP (Regional Comprehensive Economic Partnership) + CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership)
Have SG Govt consider joining BRICS also to expand her markets to emerging countries eg Africa/brazil and etc ?
However, because Russia is one of founding BRICS member, SG may have some stumbling block in joining ....
LCL (Danny 心), [19/5/2025 1:19 pm]
1. Hence we should not levy tourist tax that will deter tourists from visiting us.
2. In 2024, 16.5 million visitors visit us.
If we levy tourist tax of say $10 to $30 per tourist, we only collect $165 million to $495 million but will deter tourists from visiting us as the tax is a very hefty sum compare to other countries.
3. Foreign tourists spend $22.4 billion in 2024.
Conversely, through GST, we can collect $2.016 billion at 9% GST.
4. Hence Government levy of 9% GST tax is a very clever move, as foreign tourists is a big contributor of our GST revenue.
LCL (Danny 心), [19/5/2025 1:27 pm]
5. Is government big spendings on our critical capital infrastructure a slow "suicidal" spendings?
6. In economic and accounting term, it is a misconception to layman - thinking that spending is a total loss and a big toll to collect tax from taxpayers.
7. I am sure for layman, buying big houses is not an expenditure but an investment. As houses will grow in values phenomenonlly.
8. Buying gold, expensive watches, jewelleries, designer bags etc or spending on investible instruments like insurance plans - are an investment not expenses as its values grow overtime.
9. Likewise, government spendings in seaports, airports, MRT, tourist attractions spots etc are investment spendings not expenses - because it attracts income, tax revenue and long term gains.
LCL (Danny 心), [19/5/2025 1:29 pm]
10. The multipler effects of government spendings on critical infrastructure are many folds because the spendings are circulated within the domestic economy through circular flow of income via multiplier effects.
A $1 spend can multiply into $5 or $10 - will need economic metric models to compute.
And our economy will grow bigger, reserves grow bigger, Singaporeans become wealthier as our business, income and wealth grow because of growing business activities.
Joomua Tng, [19/5/2025 1:31 pm]
critical capital infrastructure..is not what I meant. already noted the limit view I had when you mentioned infrastructure like T5 and others.
Joomua Tng, [19/5/2025 1:32 pm]
something beyond me..
i only care about driving taxi, from morning to night and then learn trading forex at night.
RY, [19/5/2025 1:37 pm]
SG is quite strong in both pharmaceutical and semiconductor industries
And further these 2 contributed substantial part of SG GDP
Hence our new setup SG Economic Resilience Taskforce must really work out strategic planning, to navigate USA always-changing trade-related announcements
We understand there maybe some re-shuffling due to the new cabinet announcement by PM Lawrence Wong after GE2025
Believe he will place the experienced trade people for this new Taskforce to negotiate with USA
Although SG is expected not in the top list for USA in trade negotiation
LCL (Danny 心), [19/5/2025 1:39 pm]
1. For eg. Government need to throw tenders to build the critical infrastructure.
2. Foreign, big local firms, smaller supporting local firms will bid for the tenders.
Successful tenderers create jobs for Singaporeans.
Foreign firms make investment in Singapore creating jobs for Singaporeans.
Singaporeans learn new and critical skills from the large foreign MNCs and in turn can bid for large overseas projects earning foreign revenue.
3. Need to buy and import materials - hence port activities, logistics, shipping, banking services, supply chain, etc will be required - ensuring business and jobs are intact.
4. As majority of the government spendings are keep within our domestic economy, our monetary circular flow are circulated within our domestic economy.
5. Government can recoup its spendings through tax, and service fees.
No loss to our government spendings.
6. Yet business continues to survive and thrive and can pay GST, pay corporate taxes
7. Singaporeans continue to earn salaries, pay GST, pay income tax.
8. This is how our economy survive despite external challenges in previous crisis like covid, financial crisis.
LCL (Danny 心), [19/5/2025 1:43 pm]
9. Also CDC vouchers, SG60 vouchers, GST vouchers etc can only be spend within our domestic economy - cannot bring out to spend in Johor, or buy from Amazon that lead to leakage out of our economy.
10. When domestic consumption increase, our retail, food stalls, supermarkets make profit, pay corporate taxes, pay GST for goods.
11. They employ Singaporeans, PRs, earn salaries, pay GST for consumption and pay income tax.
12. Multipliers effect kicks in, our government coffers again grow.
LCL (Danny 心), [19/5/2025 1:47 pm]
My close friend comments:-
(A bit concern.)
I'm just worried - a very basic rule of negotiation is for each party to hold their cards tightly.
Why this update. Many things can change.
All other countries are trying to outwit one another.
Why let out the info early, unless it is already done deal?
Even if it were already signed off, would this be Singapore's little advantage and we should not shout?
Voters have spoken, pls do what is right and good for singapore.
Update only when and if necessary.
Jun Ming, [19/5/2025 1:47 pm]
I agree on increasing domestic spending although overseas prices is more competitive
Joomua Tng, [19/5/2025 1:48 pm]
okok...a bit too "deep" in economy thingy...
good to know about such things , i will not know it from you if I am not in this REACH Telegram.😅
RY, [19/5/2025 1:49 pm]
There is news saying that Trump policy following closely "Project 2025" book
Maybe our govt may also read about this book to further understand Trump's mindset
https://www.cbsnews.com/news/trump-project-2025-first-100-days/
REACH Singapore, [19/5/2025 2:02 pm]
📢 Topic 📢
LCL (Danny 心), [19/5/2025 2:05 pm]
Many social media, oppositions and supporters don't understand why Government do big infrastructure spendings, dish out CDC vouchers, GST vouchers etc - thinking that government anyhow spend money because many don't understand the economic principles behind it.
Thinking that large spendings should be avoided, then no need GST.
In fact, right government spendings and GST collection benefits all Singaporeans and make our income grow rather than causing a burden to us and make our government fiscal budget healthy and economy growing not shrinking.
Some even admire Trump and Elon Musk DOGE mass spending cuts - which in fact will deeply hurt US long term competitiveness compared to China strategic spendings.
Penny wise, pounds foolish. Because both of them don't understand economic.
Joomua Tng, [19/5/2025 2:13 pm]
maybe.
isn't it strange that the democrats senate or something earning $100k over salary having multi millions assets that is beyond their salaries.
thus, certain suspicious spendings need to be cut..?
....
anyway.
let's focus back on Singapore 😅
LCL (Danny 心), [19/5/2025 2:15 pm]
For example, Trump and Elon Musk DOGE cut spendings in:-
1. Cut Air controllers jobs, a few aircraft crash in US due to lack of air supervision in taking off and landings.
2. Cut medical spendings and vaccination, measles spread like wildfire in US, bird flu cripple US chicken and eggs lead to spike in prices.
3. Cut fundings to University research and Uni operations leading to outflow of talents in doing cutting edge research - losing future technology competition to China.
4. Cut social and medical spendings leading to widespread poverty in many US states. Consumption will go down as poverty means consumers has no money to spend.
5. Refuse to invest and spend on necessary infrastructure upgrading, repairs etc as US infrastructure are aging and crumbling down.
And so many more so call unnecessary spendings that are in fact critical spendings that will make US competitive, survive and thrive in the long run.
What Trump have been doing is harming US, not making America great again.
Joomua Tng, [19/5/2025 2:19 pm]
the integrity of the democrats is questionable, my person opinions.
(based on their inconsistent words in the past)
there is bound to be some suspicious spending that is not right.
........
and Elon Musk with his team is definitely smart and educated enough to know which are critical spendings and which is suspicious.
(hopefully)
Joomua Tng, [19/5/2025 2:19 pm]
anyway. lets focus on Singapore instead 😅
RY, [19/5/2025 2:25 pm]
They have extra money fm USA lobbying
I am quite surprising to learn that Trump, as President, he/his family are profiting fm the cybercoins fw the middle east investment
And as President, Trump can accept airplane gift fm middle east, when Boeing is capable to produce own country president plane
All these are obvious corruption/bribery/conflict of interests
And USA still claim that they are a democratic country, when the civil servants like senates also accepting money from giant fuel companies and etc
Jun Ming, [19/5/2025 2:37 pm]
Not our taiji we focus on how to make sg better
Jun Ming, [19/5/2025 2:37 pm]
Be it trying to remove foreigners or attract more foreign people in
Jun Ming, [19/5/2025 2:38 pm]
Do we want to cut down spending or do we want to increase spending
Jun Ming, [19/5/2025 2:44 pm]
If money cannot be printed or created will the situation be different
LCL (Danny 心), [19/5/2025 2:44 pm]
1. If we borrow big debts to fund government spendings - then we are harming Singapore and Singaporeans.
2. But if we have accumulated years and years of budget surplus with long term planning, in time of economic uncertainty or economic crisis, ramping up government spendings on critical infrastructure become important - to ensure our economy, our business, our jobs and our long term competitiveness remain intact.
3. Economic crisis that will lead to recession is not a recipe to cut government spendings and consumption.
4. Economists will always advocate Government to ramp up critical infrastructure spendings to boost domestic business activities and fuel domestic consumption in time of difficult economic challenges - so that our GDP remains in the positive territory.
5. Else business will close shops, no profit, cut jobs, lose income, pull out from Singapore - and we experience miseries and poverty - as once business leave our shores - very difficult to come back.
Jun Ming, [19/5/2025 2:46 pm]
I think trump is setting a game to collect back the debt lah. The tariff thing is to deprived us debt value
Jun Ming, [19/5/2025 2:47 pm]
That is what I heard from tik tok
365, [19/5/2025 2:47 pm]
What debt? We aren't in net debt to the US.
365, [19/5/2025 2:48 pm]
He anyhow spew nonsense, don't just blindly follow, such as claiming all other countries has high tariff charges against the US when reality is not the case.
LCL (Danny 心), [19/5/2025 2:49 pm]
Government cannot anyhow print money to spend, else our currency values will plummet leading to a banana money.
And all our wealth and assets will decrease in values.
US previously try to do it and barely get away because countries all over the world dump in their money to buy US treasury bonds to fund it.
Hence ensuring US currency value does not fall to become Banana money.
But now countries all over the world become smart and will not become US suckers - have move away from funding US dollars.
Hence Trump cannot anyhow print money anymore.
Singapore all the more cannot print money - because our assets and wealth will lose value drastically - if not back by our economy and production activities.
Jun Ming, [19/5/2025 2:56 pm]
https://vt.tiktok.com/ZShbehTMd/
Jun Ming, [19/5/2025 2:56 pm]
This is what I saw on tik tok
LCL (Danny 心), [19/5/2025 2:59 pm]
1. Now we know why Singapore is doing so well despite being a very small Country and the 3rd richest country in the world?
2. Because we get all our Economic right.
3. Conversely, many rich developed countries get their economic wrong and incur large debts, social unhappiness, income inequality.
4. Hence our Government need to constantly educate and communicate to our people why the government are implementing policies in certain ways, when many people fail to understand the economic principles behind it.
5. Many comments fuel by oppositions and layman are misconception or misguided because they don't understand the underlying mechanism of the policies that are helping us, not harming us though on the surface level it looks like harming the people.
But in actual fact, putting us in a good stead.
LCL (Danny 心), [19/5/2025 3:04 pm]
US borrow to fund its spending through issuance of US treasury bonds that some big tranches are maturing soon.
Trump will have to repay the bond capital and interest when the bonds mature.
If Trump don't have those billions of dollars to pay the bond holders upon maturity - then US will be in trouble as it will lose its credibility if default.
Big capital outflow will follow and US financial system will collapse.
Jun Ming, [19/5/2025 3:08 pm]
They are trying to manipulate it to pay lesser
LCL (Danny 心), [19/5/2025 3:09 pm]
Trump don't know what he is doing.
He didn't employ the right economic advisers to help him.
But instead get a bogus economist that make matter worst.
RY, [19/5/2025 3:15 pm]
Yes, I concur that all Trump's tariff games, his main focus is to help in USA high national debts and interests to be paid
This YT may give a clearer picture/explanation -
https://youtu.be/Op_lsH_ys5g?si=jpG9Y_SnmnMDItxb
If we know Trump's motive, then our govt may know how to better negotiate with USA
USA also seems to be following "Project 2025" book roadmap in Trump current administration also
We may learn to read the other party's mindset/motives behind, and know what are their cards, in this negotiation
所谓，知己知彼百战百胜
LCL (Danny 心), [19/5/2025 3:38 pm]
1. Tariff is a trade tool to ensure the right behaviour in trade.
2. It is never a financial tool to fund a fiscal budget.
No countries in the world ever do that.
1st time I heard and see Trump doing it - who wrongly believe in a bogus economist introduce by his son-in-law.
3. Tariff are never implemented across the board - it will invite wide retaliation from the world and can bring calamity like in 1930 Deep Depression when US did that (not as a financial tool) and trigger WW2.
4. Tariff are use as sectoral measure to prevent dumping, protect certain domestic industries in its infancy.
But tariff will always invite retaliation and hence sparsely used.
For eg. EU tariff China EV cars to protect its car industry.
India tariff agriculture to protect its farmers.
But other countries do retaliate in other sectors to maintain trade equilibrium.
5. No government or economists ever advocate tariff as financial tools to collect as tax revenue to finance government spendings because tariff are use sparingly to correct trading behaviour.
6. Tariff also impose a big burden on its consumers in which consumers have to pay a hefty tariff for the goods they buy.
US GDP 68.8% are through consumption.
If tariff take a toll on consumption, US economy will plummet rapidly leading to a recession.
LCL (Danny 心), [19/5/2025 3:40 pm]
7. So indeed, Trump don't know what he is doing.
Jun Ming, [19/5/2025 3:42 pm]
its dosent matter if trump knows what he is doing, it only matters to know what he intend to do so we can negotiate to get a better position.
RY, [19/5/2025 3:42 pm]
Taking Japan as an example, they are smart to use US bond as their card against USA, since Japan hold the highest US Bonds
With Japan massive selling in mid Apr after 2Apr tariff announcement, Trump has to put a immediate pause for 90days for the reciprocal tariffs
Japan also learnt their lesson from the Accord Plaza Agreement in the 80s, which lead to the downfall of Japan economy for this past 30years
Bec of USA restriction, Japan also fall behind the semiconductor
Hence, lead to the rise of Taiwan TSMC and Korea semiconductor industry
Expected Japan will not give in so easily for this round of trade negotiation with USA
Jun Ming, [19/5/2025 3:43 pm]
so what if trump dont know what he doing, its not like we can overthrow trump. lol
RY, [19/5/2025 3:43 pm]
Exactly
RY, [19/5/2025 3:51 pm]
China is also smart to throw their "rare earth card", since it processed 90% of the world rare earth materials
And rare earth materials is essential for many manufacturing eg military weapon/plane/automobile/electronic pdts and etc
Even Trump gotten the 100-200 planes contract from middle east, Boeing still require the rare-earth materials to produce the planes ultimately
LCL (Danny 心), [19/5/2025 3:58 pm]
Previously, when certain tranches of bonds mature, US Treasury will issue new tranches of Treasury Bonds to cover the repayment of Treasury Bonds capital and interest.
But investors have been throwing and selling US treasury bonds enmass after Trump throw a tariff war - causing bond yields to spike, bond interest rate to spike, Moody (the last credit rating agency - to downgrade US finances from AAA to AA1), hence no investors want to take up US treasury bonds anymore.
The cost of borrowing for US government increases and no longer attractive to investors.
Now Trump in a Catch 22 situation.
Either way he also die.
Implement tariff - he can't trade.
Raise money through bonds - no investors want.
REACH Singapore, [19/5/2025 4:01 pm]
📢 Topic 📢
RY, [19/5/2025 4:12 pm]
I believe SG govt also has its own "card/s" when negotiating with USA also
LCL (Danny 心), [19/5/2025 4:12 pm]
Our government has.
But won't disclose.
RY, [19/5/2025 4:16 pm]
To me, Trump is not stupid, for all the games that he is playing, he has his motives behind
But he maybe think that other people is not smart like him and cant read his motives only
RY, [19/5/2025 4:18 pm]
I believe also, bec SG do have smart and far-sighted govt, that leads to SG prosperity over the years
LCL (Danny 心), [19/5/2025 4:18 pm]
He is just penny wise but pound foolish.
If talk about strategically smart and long term visions, 2 Government come to my mind.
1. Singapore Government
2. China Government
RY, [19/5/2025 4:18 pm]
I concur
RY, [19/5/2025 4:40 pm]
I have confident in our Minister Gan, as he is experienced and hardworking and long-term politician
And SG Govt is heading the right path in developing SG economy over the years
Regret that we lost Mr George Yeo in past GE, he is also a gd Trade Minister
LCL (Danny 心), [19/5/2025 5:00 pm]
Luckily this GE 2025 election, our voters are rational, wise and mature not easily fool by populist unworkable ideas and arguments.
If we follow blindly what American voters do - being fool by Trump using all his flaw economic arguments, populist policies and lies that promise immediate gratification but result in long term woes - Singapore will be dead.
Hence our Government establishing trust with our people is extremely important.
In time of crisis, people know that our Government can be trusted to help us to get ourselves out of trouble and crisis unscathed.
In the time of election, Government can trust our people for support and the critical votes that are needed to stay in power to protect us.
RY, [19/5/2025 5:34 pm]
I think what Trump did wrongly is always using "threatening strategy" against others
Nobody likes to be Threaten and everyone wants Respect
The EU already has come out with their counter-strategy against Trump reciprocal tariffs, it will be a tough negotiation with EU later
US/EU/China are the 3 major economy in the world trade
Both China/US are finally down with their negotiation, which is a gd sign for the world economy ultimately
And Trump is going back to the olden UK days as protectionist, which ultimately may lead to recession/depression sooner/later
Steven Ong, [19/5/2025 5:38 pm]
He's a bizman. Part and parcel of his style to create a negotiation opportunity
RY, [19/5/2025 5:40 pm]
Singaporeans are always smart, as we learn from others happening
It is gd to have 2nd voice in parliament, but we must have a strong ruling party also to carry out/implement the policies ultimately
Our opposition party is still not up to level yet as Minister, basing on their past instances
LCL (Danny 心), [19/5/2025 5:41 pm]
Yes.
Even the current group of WP MPs don't possess the Minister qualities.
I didn't see alot of intelligent ideas flying out of the Parliament from the Parliamentary debate floated by the WP MPs that excite me.
Nor any fresh ideas that excite me from the many so call star candidates they field in the election through their manifesto or rallies.
RY, [19/5/2025 5:50 pm]
Trump negotiation style like buying grocery in the market - Quote high price and let U negotiate down
Maybe it is applicable to real estate industry, but definitely not in tariff
Trump high tariffs is just pushing everybody back to the negotiating table
Every economist shd know the consequence of high tariffs, which may lead to war ultimately
Japan is a gd example, why they started to invade asian countries in WW2, simply bec of fighting for resources due to embargo towards Japan that time
RY, [19/5/2025 6:00 pm]
Frankly speaking, I dont see Trump as gd negotiator but simply profiteering
A gd example from Trump recent middle east trip, Trump/family all profited from this trip eg cybercoin
Why Trump 1st overseas chosen middle east ? Bec these countries are rich enough and can make money from them
Trump Asset has already double/triple b4 and after his Presidency Trump 2.0
I think Russia PuTin is a better negotiator than Trump, eventhough PuTin is not a biz man from his past
And as of now, Trump still unable to stop the war between Russia/Ukraine
REACH Singapore, [19/5/2025 6:04 pm]
📢 Topic 📢
LCL (Danny 心), [19/5/2025 6:13 pm]
Most important, we are eagerly waiting for the Cabinet lineup to be announced and the swearing in of the new Cabinets.
Then we can see the full steam ahead to tackle the economic challenges as the events unfold.
RY, [19/5/2025 6:16 pm]
It may be dangerous to be America's enemy, but to be America's friend is fatal.
Henry Kissinger
Always rem Henry Kissinger above quotes
USA always war-creator in order to market their military weapons ~ hope Taiwan learn from this Ukraine-Russia war ......
EU/Japan/Korea/NATO and etc also finally learnt not to depend on USA for military support
I read that USA is using military support in their trade negotiation with Japan currently
All these, believe SG Govt is learning too
RY, [19/5/2025 6:22 pm]
However WP do have one member (Mr Low Thia Khiang) whom is gd from his past debate during LKY administration period
LCL (Danny 心), [19/5/2025 6:26 pm]
Hmm...
More domestic issues.
But not strategic thinking, not economic directions, reading of foreign affairs - the like of LKY.
He can't match some of our Senior Ministers.
As for the so call WP star candidates, I jot down a list of their ideas accompanied by point to point rebuttal that their ideas are flaws and will create problems to our economy and society.
I thought will not be appropriate to list it down here, else someone will accuse me of opposition bashing.
RY, [19/5/2025 6:31 pm]
Tks Megan for initiating this Topics for discussion
Hope Reach participants opinions may help in SG trade negotiation with USA
Singaporeans have already given a strong mandate to our SG govt in the recent GE
SG JiaYou 💪
Jun Ming, [19/5/2025 6:31 pm]
opposition in Singapore right now as what I observe focus on domestic issues
Jun Ming, [19/5/2025 6:33 pm]
There's need a balance from domestic issues and international issues. Pap has been good in managing international affairs. The voice of having opposition is mainly issues on domestic such as cost of living and complaints happen locally
RY, [19/5/2025 6:34 pm]
Very but have to agree that domestic issues shd be their priority and not external
Andy, [19/5/2025 6:35 pm]
Focusing on domestic issues are a quick win, they resonate with the working class and they know it.
RY, [19/5/2025 6:35 pm]
Agreed that there shd be a balance in everything, just like the "yin-yang" sign, so as to achieve Harmony
365, [19/5/2025 6:35 pm]
You can't separate them, as some decisions are made between trade offs on domestic vs international. To maintain a balance, policy making has to be considered holistically, knowing what is the trade off for each other.
Andy, [19/5/2025 6:36 pm]
If people buy too much into such domestic talk, we will end up like US. Politicians are not here to make every one happy. Majority gain, some will lose and that is reality. National interest comes first.
Andy, [19/5/2025 6:36 pm]
As Singapore grows, people grow along.
LCL (Danny 心), [19/5/2025 6:36 pm]
Even though is domestic, ideas must be workable and implementable - knowing its trade off - merits and demerits.
Also an oppositions worth its salt will be able to see what is happening in the world that will affect our domestic affairs.
Our oppositions MPs qualities have not reach this level yet.
RY, [19/5/2025 6:36 pm]
Agreed
Jun Ming, [19/5/2025 6:37 pm]
Agree to a certain extent. They have more to learn.
Jun Ming, [19/5/2025 6:37 pm]
You need to give them resources to grow.
LCL (Danny 心), [19/5/2025 6:39 pm]
I think they have resources - else they can't organise mega rallies - even bigger than the PAP.
All they need is good brain.
That one no need much resources.
A smartphone or a laptop suffice.
RY, [19/5/2025 6:39 pm]
Tks Trump reciprocal tariff, that given landslide winning in Canada/SG recent GE
I am unsure about Aussie recent GE, as didnt follow closely .....
Jun Ming, [19/5/2025 6:40 pm]
But I really feel that do better deal with external issues sometimes internal issues need to settle also. I don't want Singapore been a situation of 内忧外患。
Jun Ming, [19/5/2025 6:40 pm]
I hope one day we can reach zero crime in Singapore
RY, [19/5/2025 6:41 pm]
Our opposition still dont have the far/long vision yet like PAP ruling party
Andy, [19/5/2025 6:41 pm]
I think opposition is definitely disadvantaged. Perhaps it's the point Jun Ming was trying to make. But this is so in everything else, the market leader has the advantage. They created the market, or in this case, PAP built Singapore after all.
Jun Ming, [19/5/2025 6:42 pm]
Which I don't see any opposition proposing in
Andy, [19/5/2025 6:42 pm]
So thats why opposition or new competitors come in and slowly chip away. It's an effective tactic for sure. pap will need to continue to step up their efforts to maintsin the major vote.
Jun Ming, [19/5/2025 6:43 pm]
I don't see any opposition trying to discuss how to reduce scam rates. And further reduce crime in Singapore.
Jun Ming, [19/5/2025 6:43 pm]
Domestically we have more to do
RY, [19/5/2025 6:44 pm]
Singapore voters are much more matured/smart/not easily brain-washed like the americans - fm what I see
Jun Ming, [19/5/2025 6:44 pm]
We are far more educated
REACH Singapore, [19/5/2025 6:45 pm]
Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
Jun Ming, [19/5/2025 6:45 pm]
I really think the cost of living issues partly because of high scam rates
RY, [19/5/2025 6:45 pm]
Yes, SG literacy is much higher than USA surprisingly
Jun Ming, [19/5/2025 6:46 pm]
You need to understand Singapore is smaller than a city in us
LCL (Danny 心), [19/5/2025 6:46 pm]
Being educated not equate to being wise.
Actually Americans are more highly educated than us.
Alot of graduates, good r&d, entrepreneurs.
But they are fool by Trump because they let emotions overrun their wisdom.
Singaporeans luckily keep our cool and let wisdom overrun our emotions.
Singaporeans are not unscathed by the high cost of living, in fact many people still unhappy.
It is our level of trust on our Government and institutions that help us to elect the right Government.
Jun Ming, [19/5/2025 6:47 pm]
We have the eastern knowledge
Jun Ming, [19/5/2025 6:47 pm]
Looking at their FB post sometimes I want to facepalm
RY, [19/5/2025 6:48 pm]
It depends whether govt willing to invest in education, and not so much whether SG is small/big
Both SG/USA do have the resource to invest in people
Jun Ming, [19/5/2025 6:48 pm]
A lot people feel the stress not because only of inflation but also their savings been lost to scammers
Jun Ming, [19/5/2025 6:49 pm]
I think a strong deterrence on scam is another step forward on dealing cost of living
RY, [19/5/2025 6:50 pm]
Scamming is a world crime issue and not only SG
SG govt already having a lot of deterrance measures compared to other countries
Jun Ming, [19/5/2025 6:50 pm]
We should do something similar to drug smugglers
Jun Ming, [19/5/2025 6:51 pm]
Give them bankruptcy for 5 years
RY, [19/5/2025 6:51 pm]
Maybe canning besides imprisonment
Jun Ming, [19/5/2025 6:52 pm]
Canning cannot do deterrence for females thou
Jun Ming, [19/5/2025 6:53 pm]
Giving them financially death for a period of time
RY, [19/5/2025 6:53 pm]
I agree also, why some americans so naive and believe in liar Trump ....
RY, [19/5/2025 6:54 pm]
Forgotten canning is for males only 😬
RY, [19/5/2025 6:55 pm]
We are discussing out of the topics already ....😬
RY, [19/5/2025 6:56 pm]
Tks Megan Team and Reach participants
Enjoy yr evening !
Jun Ming, [19/5/2025 7:03 pm]
Thank you Megan
REACH Singapore, [19/5/2025 7:05 pm]
Dear Contributors
We will be closing the chat for today.
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
====
