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How a long-drawn US-China trade conflict could affect Singapore

Life-size teddy bears at Raffles Place Park on Aug 1 as part of a campaign by Workforce Singapore to highlight programmes to help Singaporeans take on new jobs. Lower trade volumes and dampened demand from the US and China could impact Singapore firm
Life-size teddy bears at Raffles Place Park on Aug 1 as part of a campaign by Workforce Singapore to highlight programmes to help Singaporeans take on new jobs. Lower trade volumes and dampened demand from the US and China could impact Singapore firms, and in turn the labour market here.ST PHOTO: SHINTARO TAY

The tit-for-tat tariffs that the United States and China started imposing on each other over the past year have escalated into a full-blown trade war that could even engulf foreign-currency markets.

The latest escalation came this month when Washington threatened to add an additional 10 per cent levy on US$300 billion (S$415 billion) worth of Chinese imports on Sept 1 before backing off shortly after.

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A version of this article appeared in the print edition of The Straits Times on August 19, 2019, with the headline 'How a long-drawn US-China trade conflict could affect S'pore'. Print Edition | Subscribe