Singapore Prime Minister: US-China Trade War Will Cause a Reset of the World Economy
Singapore Prime Minister Wong Chun Mei said on Wednesday that the trade war initiated by the United States and China due to mutual tariffs will cause a reset of the world economy and force countries to reconsider their own trade policies.
According to reports citing what Wong Chun Mei said during his speech at the Singapore University of Technology and Design, The Straits Times reported: "The comprehensive trade war between the United States and China will accelerate the process of economic separation between these two countries."
He said that it is currently necessary to re-understand the economy, which is becoming a "non-single integrated system, but different ecosystems centered around the United States and China."
Wong Chun Mei said: "We are at the epicenter of a complex global transition process. No one can say what the outcome of this process will be."
He pointed out that these changes mean the disintegration of the world order formed under the leadership of the United States after World War II, forcing all other countries in the world to reconsider their policies.
Wong Chun Mei said that today's economic means such as tariffs, export restrictions, and sanctions are no longer used for market purposes, but as national policy tools to promote national interests.
He emphasized: "These are not new trends, but have been taken to a new level with the recent tariffs implemented by the United States."
Original Source: https://www.toutiao.com/article/1829576532529418/
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