UN, Singapore concerned about rising trade tensions

Motorists drive past the China’s Ministry of Commerce in Beijing, Friday, April 6, 2018. China vowed on Friday to fight the US “at any cost” after President Donald Trump proposed slapping an additional $100 billion in tariffs on Chinese goods in an escalating trade dispute between the world’s two largest economies. (AP/Andy Wong)
Updated 08 April 2018

UN, Singapore concerned about rising trade tensions

  • The US and China have imposed billions of dollars worth of tariffs on goods from each other's countries in an ongoing trade spat

BEIJING: The UN secretary-general and the Singaporean foreign minister say they are concerned about trade tensions and rising protectionism across the world.
The two leaders voiced support for international cooperation during back-to-back meetings with the Chinese foreign minister in Beijing Sunday.
The talks come as China and the US exchange tariff threats in what is already shaping up to be the biggest trade battle for more than a half century.
Beijing vowed Friday to “counterattack with great strength” if President Donald Trump follows through on threats to impose tariffs on an additional $100 billion in Chinese goods.
Chinese Foreign Minister Wang Yi attacked what he called “protectionism and unilateralism,” though he didn’t single out the US by name.


Singapore unveils $3.5 billion in economic spending to combat coronavirus

Updated 06 April 2020

Singapore unveils $3.5 billion in economic spending to combat coronavirus

  • ‘This is an unprecedented budget for extraordinary times’
  • Singapore’s overall budget deficit for financial year 2020 is expected to increase to S$44.3 billion, or 8.9 percent of GDP

SINGAPORE: Singapore announced S$5.1 billion ($3.55 billion) in additional economic spending such as wage support, waiver of levies and one-off payments to combat the coronavirus pandemic.
“This is an unprecedented budget for extraordinary times,” Finance Minister Heng Swee Keat told parliament on Monday, just over a week after the city-state unveiled more than $30 billion in new support measures as it braces for its worst recession.
On Friday, Singapore said it will close schools and most workplaces for a month as part of stricter measures to curb a recent jump in coronavirus infections. Singapore has reported a total of 1,309 infections and six deaths from the coronavirus.
Heng said the new measures unveiled in the third budget will increase the total spending on coronavirus relief to S$59.9 billion or 12 percent of gross domestic product (GDP). He said Singapore will draw an additional S$4 billion from its past reserves to fund the new measures.
“The situation remains highly fluid and uncertain. The government stands ready to provide further support should it become necessary,” Heng said.
Heng said Singapore’s overall budget deficit for financial year 2020 is expected to increase to S$44.3 billion, or 8.9 percent of GDP.