3/12/2018 1:05:08 PM
|written By : Team India Se|
Singapore faces “worrying times”, says Singapore's Emeritus Senior Minister Goh Chok Tong. US trade tariffs on steel and aluminium imports and countries for exemptions from them portend a "major change in the international trade order", he wrote in a Facebook post on March 11.
“It is bad for the world, and especially for countries like Singapore which depend on trade and an open economic environment,” he wrote.
“If the US succeeds with its strong-armed bilateral negotiation on tariffs, other big countries may follow suit. Beyond trade, the current liberal international system in which countries have thrived, is beginning to disintegrate. China may step in to fill in the void left by an 'America First' policy, but it will carry different values and rules,” he added.
“In a world where, as Lee Kuan Yew once said, ‘Big fish eats small fish, small fish eats shrimps’, these are worrying times for Singapore. That is why Singapore and 10 other countries signed the Comprehensive Trans Pacific Partnership to keep international trade open and rules-based. Hope the sensible countries win,” wrote SM Goh.