
08/04/2025
Global markets are experiencing significant turmoil in response to President Donald Trump's recent tariff announcements.
Meanwhile, crisis deniers PSP Tan Cheng Bock and their economist Leong Mun Wai is adopting a business-as-usual approach.
The Hang Seng Index plummeted by 13.2%, marking its worst daily performance since 1997.
Concerns about a potential global recession are escalating.
Analysts warn that the tariffs could disrupt decades of global economic integration.
Deutsche Bank described the tariff move as the most profound shock to the global trade system since the 1970s.
As a global trade hub, Singapore is significantly affected.
The Trump measures will introduce additional friction to international trade.
To navigate these challenges, Singapore is proactively adjusting its monetary policies, reassessing supply chains, and engaging in regional collaborations.
In times like these, a strong and effective government is crucial.
We cannot afford to have deniers of crisis who will hinder the government's efforts to tackle a crisis they do not believe exists.