Trump's Tariff War Could Turn Global Trade Into An 'Arm-Wrestling Match', Warns Singapore FM

Last Updated:August 08, 2025, 14:08 IST

Products from the European Union, Japan and South Korea are taxed at 15 per cent, while imports from Taiwan, Vietnam, and Bangladesh are taxed at 20 per cent.

Singapore's Finance Minister Vivian Balakrishnan (Credits: X)

Singapore’s Finance Minister Vivian Balakrishnan said that Trump’s tariff war risks turning global trade into an “arm-wrestling match". He also mentioned that the tariff by US President can also trigger reciprocal tariffs from other countries. His remark came during the Aspen Security Forum in Colorado, according to a report by Bloomberg.

“Instead of a rules-based global system that promotes trade, you now have a system where every trade agreement becomes a bilateral arm-wrestling match," Balakrishnan said.

His remark came before Trump’s imposed tariff on more than 60 countries. Products from the European Union, Japan and South Korea are taxed at 15 per cent, while imports from Taiwan, Vietnam, and Bangladesh are taxed at 20 per cent. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented," Trump said Wednesday. He said the US was “taking in hundreds of billions of dollars in tariffs," but did not provide a specific figure for revenues because “we don’t even know what the final number is" regarding the rates.

Trump on Wednesday signed an executive order to impose additional 25 per cent tariffs on Indian goods over the purchase of Russian oil, taking the total levies to 50 per cent. India called Trump’s move “unfair, unjustified and unreasonable" and said that it will take all necessary steps to protect its interests.

Reacting to Trump’s tariff, PM Modi had said that India will never compromise. “Trump on Wednesday signed an executive order to impose additional 25 per cent tariffs on Indian goods over the purchase of Russian oil, taking the total levies to 50 per cent. India called Trump’s move “unfair, unjustified and unreasonable" and said that it will take all necessary steps to protect its interests," PM Modi said on Thursday.

India began pushing back immediately after the initial 25 per cent tariffs were announced. The Ministry of External Affairs (MEA) issued a statement strongly rejecting the claims and justifications put forward by Trump against a key ally like India.

News world Trump's Tariff War Could Turn Global Trade Into An 'Arm-Wrestling Match', Warns Singapore FM

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