US President Donald Trump has unveiled expansive new tariffs in a major escalation of his trade war, referring to the historic move as a “declaration of economic independence.” In his most ambitious economic policy, he announced a tariff of 10% of all goods coming into the US from anywhere in the world, including Singapore.

He also imposed hefty “reciprocal” tariffs on at least 60 trading partners, including China and the European Union, which will be levied new duties of 34% and 20%, respectively.

Foreign countries, including long-time US allies, say Trump’s tariffs won’t go unanswered. 'Liberation Day’ is here, but what will it mean for global trade moving forward? Will we have a tit-for-tat trade war that could quickly spiral out of control? How will Singapore be impacted? 

On The Big Story, Hongbin Jeong speaks with Selena Ling, Chief Economist & Head, Global Markets Research & Strategy, OCBC to find out more. 

 

Presented by: Hongbin Jeong

Produced and Edited by: Nadiah Koh ([email protected])

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