Singapore's residents are reacting to U.S. President Donald Trump's sweeping new tariffs, saying they are set to hurt Singaporean consumers and the Americans consumers alike.
Last week, Trump signed an executive order introducing a 10-percent "minimum baseline tariff" on all imports, including those from Singapore, with higher rates applied to certain trading partners.
After several days of chaos in the global financial markets, Trump suddenly announced a 90-day pause of the higher tariff rates to most countries on Wednesday, but the 10-percent "minimum baseline tariff" stays.
Speaking with China Global Television Network (CGTN), many Singaporeans pointed out that the levies were unreasonable.
"I think the trade war is really stupid. I mean, what's the point of putting over a 100 percent? What are you going to achieve" said a resident.
Some said Trump's move has raised prices for Singaporean consumers and posed challenges to the country's status as a trading hub.
"He has been raising tariffs for all the countries, and Singapore is under the 10 percent bracket. But still, we feel that items we get from the U.S. might become expensive. I believe it's not good for the common people involved," said a resident.
"I think it affects Singapore because Singapore is a trade hub in the region," said another resident, who added that the policy could undermine U.S.-EU relationship.
Others pointed out that Trump's tariffs may backfire, hurting U.S. consumers.
"I understand that the U.S. is doing this to save their economy, but somehow it's actually hurting them. The people suffering most are actually the Americans themselves," said a resident.
Singapore's Prime Minister Lawrence Wong urged Singaporeans to brace for "shocks", while Deputy Prime Minister Gan Kim Yong warned businesses to be prepared for "rough waters" ahead.
Wong cautioned that Singapore is reassessing its economic growth forecast of between one and three percent this year, potentially downgrading it should the global situation deteriorate.
Singaporeans speak about U.S. tariff measures
