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Minister Chan Chun Sing's oral reply to PQ on impact of US and China's protectionist measures

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Question

Mr Patrick Tay Teck Guan: To ask the Minister for Trade and Industry what is the impact of the current protectionist measures by the United States and China on Singapore's economy in relation to trade, investments, jobs and Singaporean workers who are working in companies which are or may be impacted by those measures.

 

Oral reply (to be attributed to Minister for Trade & Industry Mr Chan Chun Sing)

 1         China and the US are major economic partners to countries around the world, including Singapore. To date, the direct negative impact of the tariffs announced by the US and China on the Singapore economy is limited, given the modest share that the affected products have as a percentage of Singapore’s total domestic exports. MTI’s analysis estimates the tariffs to directly impact a modest 0.09% of our domestic exports to the world.

2          Nonetheless, we are closely monitoring developments, particularly for any longer term indirect impact on companies and workers. Our economic agencies are in close contact with companies that may be affected. Singapore has also registered our concerns with the relevant US and China departments and is continuing to engage them.

3          Singapore is a strong proponent of free trade and supporter of the rules-based multilateral trading system. We remain concerned that an escalating cycle of expanding unilateral tariff measures will result in negative spill-over effects on global supply chains. Any disruption to global trade flows or trade volumes will affect big and small economies alike. We hope that countries will exercise restraint and avoid further escalation of tensions.​ 


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DATE PUBLISHED 21 May 2018
LAST UPDATED 21 May 2018
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