On the brink of war?

THIS WEEK'S TOPIC: Is the global trading system under serious threat? How should Singapore businesses gird themselves for an environment of tariffs and possibly trade wars?

Victor Mills Chief Executive Singapore International Chamber of Commerce

A SMALL, open economy like Singapore's has thrived on free trade for nearly 200 years and needs it to continue to thrive. Recent tariffs imposed by the United States on steel and aluminium imports are a serious threat to the global trading system. They encourage other countries to respond in kind. The best way for businesses in Singapore to protect themselves is to take full advantage of the wide range of bilateral and regional free trade agreements negotiated on their behalf by the government. The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on March 8 is cause for celebration. Let's hope it is ratified soon.