Media report suggests trade downturn in Singapore the result of US-China trade war
July 25, 2019: A report in the BBC has suggested that trade downturn in Singapore could be the result of the US-China trade war and a sign of things to come across the Asia-Pacific region.
As one of the most trade dependant countries in the world Singapore provides a strong indicator of the state of global trade. With exports falling for the second month in a row, this time by 17.3%, and a 3.4% decline in its quarterly growth rate the report suggests that the US-China trade war is having a significant impact on global trade.
Data from India, Indonesia and South Korea is also worrying, with all three countries experiencing a fall in exports of between 8.98-13.5%. With global economic growth already slowing down, there are clear signs that the US-China trade war could be adding fuel to the fire.
AFTINET has critically analysed the US Trump administration’s unilateral tariff actions and China’s retaliations, warning of the harmful impacts of a global trade war that are now becoming evident.
Read more: https://www.bbc.com/news/business-49013571