Monday Briefing: Trump’s Team Defends Tariffs

The Progress Singapore Party (PSP) called for a new trade deal with the US in response to President Trump's tariffs. They shared PM Lawrence Wong's message to not fear the tariffs but warned of the impact on Singapore's prosperity. A national task force will be formed to help businesses and workers navigate the economic impact of the tariffs, which impose a 10% tariff on all imports into the US. Full Article

Since Trump's initial trade war with China in 2018, Beijing has increased trade with other countries to reduce its reliance on the US. The escalating tariff threats between the two nations have resulted in a 104% tariff rate on Chinese imports by the US and a 34% reciprocal tariff on US imports by China, sparking tensions and a war of words between the two economic powerhouses. Full Article

The global economy was shaken as the US imposed 10% tariffs on imports from numerous trading partners, causing market sell-offs and recession fears. President Trump escalated tensions by imposing 104% tariffs on Chinese goods, leading to a deepening trade war and plummeting Asian markets. The United States and China are engaged in a high-stakes game of brinkmanship, raising concerns about the impact on the global economy. Full Article

The S&P/ASX 200 opened lower, then plummeted over 2% in a few minutes, erasing Tuesday's gains amid fears of a trade war between the US and China. The market recovered slightly by midday, down 1% to 7,435 points. The volatility wiped out billions in market value, reflecting concerns about global economic stability. Full Article

In 2024, 260,000 Singaporeans utilized their SkillsFuture credits, with 28,000 using mid-career credits. Courses focusing on employment objectives saw increased participation, with 112,000 individuals taking up such courses. Stricter criteria for course renewal and quality improvement efforts are being implemented by SkillsFuture Singapore to ensure the effectiveness and relevance of training programs. Full Article

Ukrainian President Volodymyr Zelenskyy disclosed that two Chinese nationals were among many fighting with Russian forces in eastern Donetsk, prompting concerns about Beijing's involvement in the conflict. The US expressed alarm at China's support for Russia and condemned the massive drone attacks on Ukrainian cities, causing injuries and destruction. Amidst claims of territorial gains by Russia in the Kursk region, the US senate confirmed Elbridge Colby as Pentagon's top policy adviser despite his previous dismissal...