Congress & nbsp; & nbsp; [Report]
Impact on the global economic environment.
The direct impact of the Sino -US trade war on Singapore is limited, but the continuous upgrade of conflicts may crack down on global consumption and investment, which is a greater risk for Singapore.
Impact on the global economic environment.
First of all, tariffs levied by the United States to global solar batteries, washing machines, steel and aluminum products may weaken the competitiveness of the local electronics industry and general manufacturers.Chen Zhensheng said that Singapore's products exported to the United States account for about 0.1 % of the total domestic exports.The government economic department will help affected enterprises apply for exemption tariffs and explore other export markets.
Secondly, the tariffs imposed between countries will impact the global supply chain and Singapore will also be affected.At present, China and the United States have imposed tariffs on the other party's $ 34 billion of goods, and the European Union, Mexico and Canada will also impose revenge tariffs on the United States.
Chen Zhensheng pointed out that although these tariffs have no direct impact on the export of Singapore, some local manufacturers supply intermediate products to China to China, and processed as the finished product from China to the United States.
With China's blocked exports of the United States, the demand for these intermediate products may also decrease.Relevant departments are helping intermediate product manufacturers to understand the possible impact and reorganize the supply chain when necessary.
From the perspective of global economic perspective, greater concerns are that with the upgrading of trade conflicts, major economies will fall into a vicious circle of teeth.Global business and consumer confidence may fall sharply, and market liquidity may also be tightened, resulting in fundamental changes in the major environment.
Chen Zhensheng said: & ldquo; In this case, the trade war is not only hindering trade exchanges, but also cracking down on global consumption and investment activities, which will greatly affect Singapore's open economy.& rdquo;
Considering the liquidity of tariff policies between China and the United States and the complexity of the global economic value chain, the impact of the trade war on the local economy and employees is not easy to quantify.
Chen Zhensheng said that enterprises may export intermediate products to other markets to reduce some impacts.After improving tariffs, Chinese traders may also feel that imported products in the United States are not competitive enough, so they turn to imported products in the Asian market, which may also offset the part of the trade war.
He said: & ldquo; Our model analysis shows that the announced tariff policy has limited impact on Singapore, but the premise is that the Sino -US trade tensions have not been further upgraded.& rdquo;
Trade network and diversified economy industry can help respond to the impact of the trade war
Chen Zhensheng pointed out that Singapore has a strong trade network and a diversified economy industry, all of which help Singapore to respond to the impact of the trade war.Singapore will continue to seek opportunities to enhance trade in trade with China and the European Union.Relevant departments and institutions will also pay attention to the development of the situation and provide assistance to local enterprises in need.
He said: & ldquo; We will continue to cooperate with all like -minded trading partners to maintain a regular multilateral trading system based on rules and strive to strengthen regional integration. This is the best way to expand local enterprise opportunities and create job opportunities.& rdquo;
The trade war is & ldquo; Seven Injury Boxing & RDQUO; Social Press, p. 18
