Impact of tariffs not temporary, world will not go back to status quo: SM Lee

The world will not go back to “status quo”, or what it was like before US President Donald Trump rolled out tariffs, said Senior Minister Lee Hsien Loong on Tuesday (Jul 15). Mr Lee was speaking in a wide-ranging dialogue that went into geopolitics, climate change and domestic issues at a dinner held by the Economic Society Of Singapore (ESS). His comments came in response to a suggestion that the impact of the tariffs might be temporary, or last only while the current US president remains in office. “When you first put in the tariffs, everybody complains,” he said. For example, those who need steel will ask why steel is so expensive and those who make chips will ask why they can’t sell them to China, said Mr Lee in the dialogue with ESS president Euston Quah.

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