Asia must not succumb to tariff retaliation: Singapore central bank official
Retaliatory tariffs would lead to negative supply shifts that would worsen the growth-inflation trade-off and complicate monetary policy, Edward Robinson, who is also the MAS' chief economist, told a monetary policy conference.
'They should continue to keep the old advice to avoid throwing rocks into their own harvest and intensify regional trade integration initiatives, including in digital and services trade and investment,' Robinson said.
Protectionism and import taxes disrupt resource allocation and lower the consumer surplus as domestic households face higher prices and fewer choices, he said.
'Both the targeted and the tariff-imposing economies suffer.'
Despite having a free-trade agreement and running a trade deficit with the US, Singapore has been slapped with a 10% baseline tariff rate by Washington.
Other Southeast Asian countries have been threatened with much higher tariffs, though they have been delayed until July and an interim 10% tariff is in place for now.
Singapore on Thursday reported a 0.6% contraction in the first quarter, even before US tariffs were announced, putting the economy at risk of a technical recession.
The MAS eased policy at reviews in January and April this year. Speaking on Thursday after the GDP data, Robinson said the monetary policy stance remained appropriate.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 days ago
- The Star
BRICS+ Series: The link Between the G20, BRICS & The Global South
Cole Jackson and Dr Iqbal Survé | Published 2 days ago The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: ' The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions. Climate Justice and Energy Transitions G20: Has focused on climate change mitigation and adaptation, though progress varies. BRICS: Supports climate action but emphasizes common but differentiated responsibilities. Global South: Advocates for climate finance, technology transfer, and the right to develop. The growing alignment between the G20, BRICS, and the Global South reflects a strategic shift towards a more inclusive and multipolar global order. With overlapping memberships and shared priorities—ranging from global governance reform and sustainable development to climate justice and economic sovereignty—these groupings increasingly influence one another. BRICS and the Global South have injected fresh urgency and purpose into G20 deliberations, pushing for a system that better represents emerging economies and developing nations. As this alignment deepens, it strengthens efforts to reshape international institutions, promote equitable growth, and ensure that the voices of the Global South are not only heard but also acted upon. Written By: Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist * MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
The Citizen
3 days ago
- The Citizen
Not Atto 1 but Dolphin Surf as BYD starts teasing new entry EV
Dolphin Surf looks set to become South Africa's cheapest electric vehicle when it debuts next months. Confirmed for South Africa earlier this month, BYD has announced that while it will indeed be bringing its entry-level electric car, the Seagull, to market next month, it won't be called Atto 1 as previously alleged. Identity change Introduced in its home market two years ago, the Seagull bears the Atto 1 name in mostly Southeast Asian markets, supposedly as a means of aligning it with the Atto 3 known as the Yuan Plus in the People's Republic. ALSO READ: BYD approves Dolphin Mini for South Africa as renamed Atto 1 In a statement, the local arm of the Shenzhen brand said the Seagull will, however, adopt the Dolphin Surf name as in Europe and not Atto 1 or indeed Dolphin Mini as in South and Latin America. Fundamentals Still to be priced, the Dolphin Surf will be positioned below the 'normal' Dolphin in BYD South Africa's line-up, with its measurements of 3 990 mm in overall length, a height of 1 590 mm and width of 1 720 mm. Riding on a 2 500 mm long wheelbase, the Dolphin Surf is underpinned by BYD's EV-optimised e-Platform 3.0 with a choice of a two Blade battery packs; a 30-kWh unit and a 43.2-kWh. Known as the Seagull in China, the Dolphin Surf name has now been settled on for South Africa. Image: Offered in a single state of tune, the former produces 65 kW and allows for a range of 220 km while supporting DC charging up to 65 kW. For the latter, two outputs are offered; 65 kW and 115 kW, the latter with a claimed range of 322 km and the former up to 310 km. Both support charging up to 85 kW. Interior is highlighted by a freestanding instrument cluster and a rotary 10.1-inch infotainment system. Image: While BYD has so far not revealed which units will be offered locally, it has confirmed the inclusion of its rotary infotainment system, measuring 10.1-inches, with Apple CarPlay and Android Auto, cruise control, a reverse camera and Electronic Stability Control. South Africa's cheapest EV? Also supporting vehicle-to-load, the Dolphin Surf will reportedly also become South Africa's cheapest EV with a reported price tag below R400 000, thus undercutting the entry-level variant of the Dayun S5 currently priced at R399 990. More details, comprising spec and choice of powertrains, will be announced in due course. NOW READ: Plans soon: BYD tipped to expand South African footprint
IOL News
4 days ago
- IOL News
BRICS+ Series: The link Between the G20, BRICS & The Global South
This photo taken on July 3, 2025 shows welcome banners for the BRICS Summit on a street in Rio de Janeiro, Brazil. Image: XINHUA The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: 'The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The intersection: Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. South-South Cooperation G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions.
