KUALA LUMPUR, March 12 – Singapore’s Deputy Prime Minister Gan Kim Yong has expressed concerns over the potential global economic impact of the United States’ ongoing trade policies, according to a CNBC report.
At the Converge Live event in Singapore, Gan addressed the audience, highlighting the uncertainty surrounding international trade as the US continues to impose tariffs and trade restrictions on key partners.
He noted that many in Asia are closely observing the situation, as unpredictable trade measures could disrupt economies across the region.
“The ripple effects of rising tariffs and trade conflicts can extend beyond the countries directly involved. Supply chains could be severely disrupted, global trade may slow down, and economic growth could suffer.”
US Trade Policies Raise Concerns
In recent months, the US has introduced a series of tariffs, including a 25 percent levy on goods from Canada and Mexico. Some of these measures were later adjusted, adding to the uncertainty. Additionally, tariffs on Chinese imports have been raised to 20 percent over a short period.
Gan suggested that such unpredictable shifts in trade policy could make businesses hesitant to invest and expand. The uncertainty may also put pressure on emerging markets that depend on stable trade conditions.
Asia’s Economic Growth Remains Strong
Despite these challenges, Gan remained optimistic about Asia’s long-term economic prospects. He pointed out that the region’s share of global GDP is expected to grow from about 50 percent today to 60 percent by 2030.
This expansion reflects Asia’s increasing influence in global trade, technology, and innovation.
Gan emphasized the importance of open trade and cooperation, urging countries to work together to maintain economic stability. “Stronger partnerships and predictable trade policies will be crucial in ensuring sustainable growth for all,” he added.
