Is Free Trade Really Over? Singapore’s PM Thinks So!
Hey there! Have you ever traded toys or snacks with your friends? Imagine if someone said you couldn’t trade as much anymore. That’s kind of what’s happening in the world right now!
Singapore’s Prime Minister, Lawrence Wong, said that the era of free trade is over. 😲 But what does that mean?
What’s Going On?
The United States recently decided to put a 10% tax (called a tariff) on all products it brings in from other countries, including Singapore. This means things from other places might become more expensive in the U.S.
Prime Minister Wong thinks this is a big change in how countries trade with each other. He said, “We are entering a new phase – one that is more arbitrary, protectionist, and dangerous.”
Why Does It Matter?
Countries like Singapore depend a lot on trading with others. If big countries like the U.S. make trading harder, it can affect jobs and the economy in smaller countries.
What Do Experts Say?
Some experts believe these tariffs might not help as much as hoped. Stephen Orlins, an expert on U.S.-China relations, said that even if some jobs come back to the U.S., many factories use robots now! 🤖
He shared, “I went to a factory the size of a football field, and there were probably 10 workers. The rest was all automated!”
What’s Next?
Mr. Orlins hopes that countries will talk and find a better way to handle trade. After all, working together usually brings the best results! 🤝
It’s a bit like sharing and trading with friends—when everyone plays fair, everyone wins!
Reference(s):
Singaporean PM says 'free trade is over' after Trump's tariffs
cgtn.com
