‘No boom is forever’: Singapore must seize AI opportunity before correction, says PM Wong

“Even if you may hear rhetoric to the contrary, the leaders are aligned. We will defend these principles strongly, and we will work with partners to uphold these principles,” he said.

Mr Wong said Singapore has “not been able to understand” the tariffs imposed by the US, but that it cannot do anything. “The right tariff should be zero,” he said.

He added that other countries are also putting up more trade barriers, amid increasing concern about competition.

“There’s concern that exports from other countries will impact local industries, will impact jobs. So you can see the pendulum shifting,” he said.

While this does not mean trade will stop, the global economy will become more fragmented by regions, he added.

Noting the importance of trade to Singapore, Mr Wong said the country cannot afford to turn inwards, as it “will get poor very quickly” if it does so.

It therefore aims to accelerate the integration in ASEAN, adding that it will have initiatives to do more on that front when it takes the chair of the regional bloc next year, he said.

“We will step up our connections with existing partners, and I think there are also opportunities with new regions like Latin America, Africa and the Middle East, which we hope to do more,” he said, adding that Singapore hopes to be a connector across different regions.