SINGAPORE: Tariffs imposed by the US may pose a threat to global security as international relations are fundamentally reshaped.
Moving away from a rules-based system also means every country will have to look to itself for security, said Home Affairs Minister K. Shanmugam (pic) on April 17.
This comes as US President Donald Trump unveiled sweeping tariffs on its trading partners on April 2.
A baseline tariff of ten per cent will apply to all goods imported into the US from around the world, including Singapore. Steeper, reciprocal tariffs were also slapped on at least 60 trading partners.
“We don’t know whether the world, as we know, has gone permanently, or Trump will have a change of heart, but it is going to be a very difficult environment and, inevitably, big countries will start giving incentives and putting up more barriers, because when the US does it, others have to do it too,” Shanmugam said.
He added that Singapore’s Prime Minister Lawrence Wong and like-minded counterparts in other countries are currently working together to salvage the world trading system.
“It’s not going to replace the Americans, because as I said, they are one third of the world’s consumption. But some order is better than no order. So we are trying to do that, and that’s what the Prime Minister meant by there is agency, but there will be stress, and we will be under stress,” said Shanmugam, referring to PM Wong’s address at the 14th S. Rajaratnam Lecture on April 16.
Shanmugam, who is also Law Minister, was speaking at the Home Team Promotion Ceremony held at the ballroom of Orchard Hotel.
More than 380 officers in the Home Team were recognised in the ceremony, highlighting their promotions to the rank of lieutenant-colonel or superintendent and above.
Shanmugam said he wanted to talk about the tariffs due to their significant economic impact, which could affect the work of Home Team agencies that include the Singapore Police Force and the Singapore Civil Defence Force (SCDF).
“You must expect that economic vibrancy could be affected. Jobs are likely to be lost around the world, including Singapore, financial stress. Tailor-made for an increase in crime,” he said.
Economic hardships can also create social or community tensions, increasing the risk of public disorder, he added.
Meanwhile, Singapore, being a trade-reliant economy, will also be harder hit than other countries.
This will not only affect the nation’s ability to create jobs, but also the manner in which the Government can run public services as the Budget is impacted.
“Our ability to collect taxes, fund programmes, maintain healthcare, keep up other areas of social and public spending. It’s all going to come under pressure. There are therefore wider implications as well for the international order and a direct implication for security,” said Shanmugam.
Addressing the officers at the event, Shanmugam added: “We can prepare our officers to deal with the challenges if they come. And I have no doubt, I have every confidence, management has every confidence, that we will meet that challenge and that you will continue to lead the Home Team well.” - The Straits Times/ANN
