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Trade minister warns of ‘double whammy’ to global economy
Singapore is a tiny Southeast Asian economy that is highly dependent on trade — making it vulnerable in a worsening conflict between the U.S. and China. “As far as Singapore is concerned, we’re going to continue to diversify our economy to make sure that we’re neither dependent on any specific market nor any specific sector,” said Chan Chun Sing, Singapore’s Minister for Trade and Industry. Ongoing trade tensions that have hit market sentiments towards the end of the current business cycle could deal a “double whammy” to the global economy, said Singapore’s Minister for Trade and Industry Chan Chun Sing. Chan’s comments came amid an escalating trade conflict between the world’s two largest economies: The U.S. is reportedly preparing new tariffs against all remaining Chinese imports if upcoming trade talks between Donald Trump and Xi Jinping break down. “The most important thing is whether this will lead to a global loss of confidence and investment,” Chan told CNBC’s Sri Jegarajah at the Singapore International Energy Week on Tuesday.