Singapore's Prime Minister Lee Hsien Loong said the "trade tension" between China and the United States could easily lead to a more serious friction that affect the stability and security of the world.
Lee made the statement while delivering his 2018 May Day Rally speech on Tuesday. He said Singapore's economy depends on external environment, and the growing friction has clouded the outlook.
The prime minister said the Trump administration has made trade a top issue, especially the trade between China and the United States, as it is putting restrictions and tariffs on a total 150 billion U.S. dollars worth of Chinese products unilaterally, without going through the World Trade Organization (WTO).
Lee said Singapore will suffer collateral damage, and the Trump administration's unilateral tariffs undermine the WTO system which supposed to be open, rule-based and multilateral.
He said the WTO system imposes rules on countries both big and small, which ensure free, fair and orderly world trade, and if these rules are not followed, all countries, especially small countries like Singapore, will suffer.
He said if the trend continue in the long run, it will be very bad for the world and very bad for Singapore, because "as a small country, Singapore is always vulnerable to what happens around us."
Editor: Lu Hui
