Young Singaporeans must think beyond our shores
In his recent S. Rajaratnam Lecture, Prime Minister Lawrence Wong spoke of an increasingly turbulent world.
'The once-rising tide of global cooperation that defined the past decades is giving way to one of growing competition and distrust. As a result, the world is becoming more fragmented and disorderly,' he said.
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Business Times
5 hours ago
- Business Times
US tariffs' direct impact on Singapore ‘contained', but semiconductors and pharmaceuticals still under threat: analysts
[SINGAPORE] The direct downside impact of US tariffs on Singapore's economy should be 'contained', but sectoral tariffs against semiconductors and pharmaceuticals remain, said analysts on Friday (Aug 1). US President Donald Trump had announced updated tariffs hours ahead of an Aug 1 deadline . Malaysia, Thailand and Cambodia were hit by 19 per cent levies , while Taiwan will face a 20 per cent rate on its US exports. The new directive will go into effect after midnight in the US on Aug 7. A spokesperson from Singapore's Ministry of Trade and Industry confirmed that Singapore will continue to face the global baseline rate of 10 per cent. The figure was confirmed by the ministry with the Office of the US Trade Representative. Prime Minister Lawrence Wong had earlier said the 10 per cent levy was 'not ideal', but was something the country can 'live with'. Sectoral threat remains DBS analysts Radhika Rao and Chua Han Teng said the downside direct impact of the tariffs on Singapore will be 'contained'. However, they warned that the economy would still face indirect pressure. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The city-state's exports and economy will still face indirect negative impact through its trade linkages with key trading partners, with further threats from sectoral tariffs like semiconductors and pharmaceuticals that are still under review,' they added. RHB analysts concurred that Singapore faced threats due to potential sectoral tariffs on semiconductors and pharmaceuticals. They added that 'Singapore continues to be the most exposed' in Asean, citing its high trade openness and reliance on manufacturing exports. The Straits Times Index booked a modest gain of 0.2 per cent shortly after the market opened on Friday, but ended the day 0.4 per cent down at 4,153.83. This came after a 2.3 per cent drop in six days from its record high of 4,273.05 on Jul 24. Asian markets largely unperturbed Lorraine Tan, Morningstar director of equity research in Asia, said that overall, the tariffs are relatively expected for Asia. She added that the levies for South Korea, Japan and South-east Asian countries were not outlandish. 'We think the markets should shrug this news off.' Among Asian markets, South Korea's Kospi dived about 3.9 per cent to close at 3,119.41 points. However, that also came on the back of government proposals on Thursday to hike corporate taxes. Trump said on Wednesday that the US would charge a 15 per cent tariff on imports from South Korea, down from 25 per cent had it not struck a deal, marking a slight win for the East Asian economy. Taiwan's Taiex slumped 1.6 per cent before paring losses to close 0.5 per cent down at 23,434.38 points on Friday. President Lai Ching-te called the new tariff 'temporary' and said Taiwan will continue negotiations with the US. On the other hand, Malaysia's Kuala Lumpur Composite Index jumped 1.33 per cent, ending the day at 1,534.35 points; Thailand's SET tumbled nearly 2 per cent to close at 1,218.33. RHB analysts said the automotive sector in Thailand could also feel some pain, as could the electric vehicle (EV) battery segment in Indonesia. But they noted that in general, 'Indonesia and Thailand are relatively more insulated by their larger domestic demand bases', compared to Singapore. However, Thailand could be affected by pharmaceutical tariffs as well, while Malaysia – like Singapore – also appeared exposed to semiconductor-related tariffs, they added. China still in negotiations Morningstar's Tan noted that, in Asia, China is still in focus with negotiations still ongoing. 'The fact that Trump is willing to impose a higher tariff on India for buying Russian oil may weigh a bit on the direction of the China negotiations,' she said. 'If China is able to assure and introduce a way to rein in the fentanyl exports, alongside an agreement over the rare earths, these issues would help to facilitate the conclusion of a trade deal between the US and China.' China's rare earths have been used as a bargaining chip in the US-China trade war, as they power everything from data centres and electronics to EVs. The US and much of the world largely depends on China for these resources. On fentanyl, the Trump administration blames China for the influx of the drug into the US. Treasury Secretary Scott Bessent said the US and China will continue talks over maintaining a tariff truce before it expires in two weeks. While most Asian markets seemed indifferent to Friday's announcement, Morningstar's Asia equity market strategist Kai Wang cautioned that a 90-day extension to the tariff truce with China could be viewed negatively by investors. News had emerged that China's delegation had indicated a 90-day extension of the two economies' trade-war truce was agreed, although Bessent said Beijing has 'jumped the gun'. 'The extension is signalling that there may be some snags in talks which have the potential to fall apart entirely,' Wang said. Hong Kong's Hang Seng Index was down about 2.7 per cent for the week, its first drop since Jul 4. It fell 1.1 per cent on Friday.
AsiaOne
10 hours ago
- AsiaOne
PM Lawrence Wong to deliver National Day message on Aug 8 , Singapore News
Prime Minister Lawrence Wong's National Day message will be delivered on Aug 8 (Friday), the eve of National Day. PM Wong, who is also Finance Minister, will deliver his message in English. This is his second National Day message since he took over as Singapore's fourth prime minister on May 15, 2024. His message will be broadcast at 6.40pm on CNA and radio station CNA938. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will deliver the message in Mandarin, and it will be broadcast on Mediacorp's Channel 8 and radio station Capital 95.8FM at 8.40pm. Acting Minister-in-charge of Muslim Affairs and Senior Minister of State for Home Affairs Assoc Prof Muhammad Faishal Ibrahim will deliver the message in Malay. This will be broadcast at 8.30pm on Mediacorp's Suria. Minister of State for Culture, Community and Youth, and Manpower Dinesh Vasu Dash will deliver the message in Tamil. This will be broadcast at 9pm on Mediacorp's Vasantham and radio statio Oli 96.8FM. The Prime Minister's Office said that the National Day message will also be available on its website and YouTube channel after the first broadcasts. In PM Wong's maiden National Day message last August, he addressed key concerns regarding cost of living in Singapore. He also spoke on housing affordability, and the social support system. At the swearing-in of the new cabinet on May 23, 2025, PM Wong talked about navigating Singapore through economic challenges, and securing an "assured place" for Singapore in a "changed world". He also said that the Government will be strengthening Singapore's social compact by keeping essential services - including education, healthcare and housing - accessible and affordable. The National Day Rally will be held at the Institute of Technical Education on Aug 17. [[nid:697780]] editor@
CNA
11 hours ago
- CNA
PM Lawrence Wong's National Day Message to be broadcast on Aug 8
SINGAPORE: Prime Minister Lawrence Wong's National Day Message will be broadcast on Aug 8, the Prime Minister's Office announced on Friday (Aug 1). Mr Wong, who is also finance minister, will deliver his message in English. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will deliver the message in Mandarin, while Acting Minister-in-charge of Muslim Affairs and Senior Minister of State for the Ministry of Home Affairs Associate Professor Muhammad Faishal Ibrahim will deliver it in Malay. Minister of State for the Ministry of Culture, Community and Youth and Ministry of Manpower, Dinesh Vasu Dash will deliver the message in Tamil. The first broadcast in English will air on CNA and CNA938 at 6.40pm. The Malay broadcast will be at 8.30pm on Suria, followed by the Mandarin broadcast on Channel 8 and Capital 958 at 8.40pm. The Tamil broadcast will air at 9pm on Vasantham and Oli 968. The National Day Message in the four languages will also be available on the PMO website and its YouTube channel after the first broadcasts. In Mr Wong's first National Day Message, he spoke about the efforts being made to keep the cost of living stable, as well as support for families under the Forward Singapore initiative.
