Asia – Lighthouse growth amid trade war, says Deputy Prime Minister Singapore

According to the Deputy Prime Minister Singapore, Asia will remain a “beacon of growth” despite the escalation of world trade tensions.

“Even if some of us in Asia may not affect directly, the impact of tariffs and trade wars may lead to serious supply violations, slowing and investment flows and significantly return the global economy,” Gang said in Converge’s Converge on Singapore on Wednesday.

He added: “Many of us in Asia watched the tariffs of President Donald Trump’s three largest US trading partners, and her plans for additional, including mutual tariffs that are in accordance with the US export duties.”

Ghana’s speech follows the US increased tariffs then inverted the course Exports of steel and aluminum at the beginning of Wednesday, next Cancellation of mutual tariffs on mutual energy Ontario in the US today.

The Deputy Prime Minister said there were “good reasons” to remain optimistic in Asia, emphasizing that the Asian economy is expected to expand from approximately 50% of the world to approximately 60% by 2030.

He noted that the southeastern Asia, where Singapore is located, will forecast the fourth largest economy in the world.

Then Asia should be placed as “open, integrated and innovative trading zone”.

For southeast Asia, Gan noted that there is

Speaking in front of CNBC last monthGan said that, while the US tariffs on Singapore are probably “limited” as the country is conducting a trade deficit from the United States, the consequences cannot be undervalued in the long run.

In 2024, the United States had a $ 2.8 billion trading surplus.

He said the companies would change when companies evaluate places for its production base, which causes “great friction and great price” in the world economy, which can slow it down, he said.

Singapore’s economy ended last year on a positive note when the gross domestic product increased by 4.4%in 2024, which its fastest growth since 2021, which is intensified by wholesale trade, finance, insurance and production.

A sharp rebound last year this year, given that it is one of the most subjected to the trade economy in the region, and the transactions are three times GDP, making it vulnerable to the growth of protectionism.

This is a developing story. Please update updates.