Global Economic Instability Escalates Amid US-China Trade Tensions and Tariffs
Published on 5.19.25
The ongoing trade tensions between nations have significant implications for international relations and global economic instability. Deputy Prime Minister Gan Kim Yong is leading the effort to upgrade the free trade agreement, which could potentially mitigate some of the effects of the global trade war.
However, the uncertainty caused by economic and geopolitical volatility has led to a decline in expectations for global travel volumes this year, with nearly one-third of members of the Global Business Travel Association anticipating a decrease. The US business travel industry relies heavily on international visitors, but funding cuts to government programs that facilitate exchange have already begun to impact companies.
The situation has prompted some businesses to reconsider trips to the US due to concerns over unpredictable border procedures and tariffs on Chinese-made products. The escalating tensions between nations are causing businesses to reassess their strategies, with risks such as retaliation, supply chain disruption, and market instability becoming increasingly prevalent.
The taskforce led by Deputy Prime Minister Gan Kim Yong aims to help businesses cope with US-imposed tariffs through a three-pronged approach.