CNA938 Rewind - Poland/Singapore business opportunities extend from food to cybersecurity & AI
Polish President Andrzej Duda is in Singapore for a state visit that wraps up tomorrow. It's his first visit here since taking office in 2015, and comes ahead of his second five-year term as president ending this August. Lance Alexander and Daniel Martin speak with Polish Ambassador to Singapore Tadeusz Chomicki.
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CNA
4 hours ago
- CNA
Impact of tariffs not temporary, world will not go back to status quo: SM Lee
SINGAPORE: The world will not go back to 'status quo', or what it was like before US President Donald Trump rolled out tariffs, said Senior Minister Lee Hsien Loong on Tuesday (Jul 15). 'In trade policy, economic policy, once you make a move, you can't take it back. There are consequences,' he added. Mr Lee was speaking in a wide-ranging dialogue that went into geopolitics, climate change and domestic issues at a dinner held by the Economic Society Of Singapore (ESS). His comments came in response to a suggestion that the impact of the tariffs might be temporary, or lasting only while the current US president remains in office. 'When you first put in the tariffs, everybody complains,' he said. For example, those who need steel will ask why steel is so expensive and those who make chips will ask why they can't sell them to China, said Mr Lee in the dialogue with ESS president Euston Quah. 'But once you have put in the tariffs, and once new players come who depend on the tariffs and need the tariff protection, and you say 'I'm taking the tariffs away, we're going back to where we were', it's politically not possible.' When asked if Singapore is 'not so badly affected yet', Mr Lee quoted a Chinese idiom: 'The person who retreated 50 steps from the battle laughs at the person who retreated 100 steps, and says, 'you're worse off than me'.' While Singapore has a free trade agreement with the US, the US has decided that Singapore will face 10 per cent tariffs. 'We console ourselves, that that is the best rate, and we hope that we stay there,' said Mr Lee. Referencing Trump's move to withdraw the United States from the Paris climate deal, Mr Lee noted that from an economic perspective, the climate is a common resource, and global warming is inherently a "very difficult problem" to solve. The world may need to solve it by coming together and solving it collectively, he added. 'But when you do it collectively, there's always the risk of somebody opting out and saying 'sorry, you carry on, I will just free ride on your hard work and your sacrifices',' said Mr Lee. 'And whether or not one big country opts out from the Paris agreement, we have the risk of a free rider.' Even if one country opts out, the other countries should 'do the sensible things', he added. But even like-minded countries who come together have disagreements among themselves about the rules that will reduce their emissions, said Mr Lee. Some Southeast Asian countries have already said if America is going to be like this, they would have to reconsider their commitments, he noted. Singapore is trying to be a good global citizen and do its part so that it is in 'good standing' and not free riding on other people, he added. When asked about a new framework for the global economy, Mr Lee said: 'I suppose the best framework is the world temporarily minus one.' This means the framework mostly remains, while America still has to do business with the rest of the world, he added. 'But, well, for the time being, you wish the rules were different, and you are trying your best to change it. Temporarily, meaning maybe at some point you can come back and participate again in a more open and constructive way,' said Mr Lee. SHORT-TERM POLITICS Mr Lee also responded to a question about the risks of having 'short-term' leaders who are more 'risk-averse'. Most of the time, it is easier to be a leader who oversimplifies issues and offers a faster solution compared to one who 'gives you a long exposition more suited to the Economics Society', he said. Good leadership must have trust, as well as the ability to have political debate in the public arena, which is anchored on logic, reality and what the evidence shows, instead of what is 'politically expedient', said Mr Lee. Leaders need to understand complex economic issues, but are publicly able to express these issues in a way that is 'maybe stripped down', but sufficient for people to accept and have faith in them, he added. Responding to another question about how young Singaporeans should define success in today's society, Mr Lee said it is for young Singaporeans to define what they would like success to mean, adding that they were born with 'all the advantages' that their parents were not born with. The standard of living and opportunities for education have grown, Mr Lee said, adding that there are jobs available to Singaporeans all over the world. 'What do you want to make of your life, for yourself, for your family, for your country, for your fellow human beings?' he asked. "There are so many things you can do. Do not lie flat ... If you lie flat after a while, I hope you're ashamed of yourself," he added.
CNA
5 hours ago
- CNA
Timor-Leste PM lauds Singapore as an exemplary nation amid fractured, uncertain world
Timor-Leste Prime Minister Xanana Gusmao has lauded Singapore as an exemplary nation amid a fractured and uncertain world. He praised the country's commitment to social cohesion and balancing relationships without compromising its principles. Mr Gusmao is on an official visit to Singapore and spoke at the S Rajaratnam School of International Studies Distinguished Public Lecture. Aslam Shah reports.
CNA
6 hours ago
- CNA
Trump lands Indonesia trade deal as EU readies retaliation
WASHINGTON: US President Donald Trump on Tuesday (Jul 15) announced a trade deal with Indonesia, the latest pact in a bid to cement better terms with trading partners and reduce a massive trade deficit, even as the European Union readied retaliatory measures should talks between Washington and its top trading partner fail. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social. Indonesia's total trade with the US - totalling just under US$40 billion in 2024 - does not rank in the top 15, but it has been growing. US exports to Indonesia rose 3.7 per cent last year, while imports from there were up 4.8 per cent, leaving the US with a goods trade deficit of nearly US$18 billion. The top US import categories from Indonesia, according to US Census Bureau data retrieved on the International Trade Centre's TradeMap tool, last year were palm oil, electronics equipment including data routers and switches, footwear, car tires, natural rubber and frozen shrimp. Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters in a text message: "We are preparing a joint statement between US and Indonesia that will explain the size of reciprocal tariff for Indonesia including the tariff deal, non-tariff and commercial arrangements. We will inform (the public) soon." Trump had threatened the Southeast Asian country with a 32 per cent tariff rate effective Aug 1 in a letter sent to its president last week. Trump sent similar letters to roughly two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent, as well as a 50 per cent tariff on copper. The Aug 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has clinched only a few deals despite his team touting an effort to bring home "90 deals in 90 days". So far, framework agreements have been reached with the United Kingdom and Vietnam, and an interim deal has been struck with China to forestall the steepest of Trump's tariffs while negotiations continue between Washington and Beijing. EU READIES RETALIATION The breakthrough with Indonesia came as the European Commission, the EU's governing body, gets set to target €72 billion (US$84.1 billion) worth of US goods - from Boeing aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail. Trump is threatening a 30 per cent tariff on imports from the EU from Aug 1, a level European officials say is unacceptable and would end normal trade between two of the world's largest markets. The list, sent to EU member states and seen by Reuters on Tuesday, pre-dates Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responds instead to US duties on cars and car parts and a 10 per cent baseline tariff. The package also covers chemicals, medical devices, electrical and precision equipment as well as agriculture and food products - a range of fruits and vegetables, along with wine, beer and spirits - valued at €6.35 billion. Following a meeting of EU ministers in Brussels on Monday, officials said they were still seeking a deal to avoid Trump's heavy tariff blow.
