Tensions in the Middle East will affect energy prices and impact countries far away, like Singapore: SM Lee
CNA
The overall climate of uncertainty created by these “dramatic twists and turns” will dampen the global mood for trade and investment, says Senior Minister Lee Hsien Loong.
SINGAPORE: The tensions in the Middle East will affect energy prices and impact countries far away, such as Singapore, Senior Minister Lee Hsien Loong said on Saturday (Feb 28).
“Today, Israel and the US together attacked Iran, jointly. The war has begun, Iran has struck back," he said, adding that it would be hard to tell how the war would end.
For weeks, tensions between the US and Iran have been building up, and the US has assembled a “huge military force” in the Middle East, he said.
Mr Lee also pointed to the tariffs imposed by the US administration, which in the past week were ruled illegal by the US Supreme Court.
The US administration invoked another instrument to impose a flat 10 per cent tariff on all countries, and US President Donald Trump changed his mind within a day and raised this to 15 per cent. However, the official US rate is currently still 10 per cent.
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As a small and open economy, Singapore is exposed to global energy price shocks, analysts said.
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