Asia watches Trump’s tariff turmoil ‘with anxiety’, Singapore trade chief says

“Many of us here in Asia watch with anxiety President Donald Trump’s tariffs on the US’ three largest trading partners, and his plans for more,” Deputy Prime Minister Gan Kim Yong said on Wednesday at CNBC’s Converge Live in Singapore. Even if not all of Asia is directly affected, the impact of rising tariffs and trade wars could cause major disruptions to supply chains and slow trade and investment flows, he said.

That would “significantly set back the growth of the global economy”, said Gan, who is also the minister for trade and industry.

A sweeping 25 per cent US tariff on steel and aluminium imports to America was set to take effect on Wednesday. Other countries have also followed in Washington’s footsteps, imposing trade restrictions on or looking into China’s steel exports.