Elaborating on the nature of the trade conflict, Mr Chan said it is serious because it does not just reflect short-term political and economic pressures.
In the US, many Democrats and Republicans see China as a strategic competitor. Many Chinese people are wondering if the US will work to thwart its growth and development. As US-China trade patterns shift, there will be an indirect impact on the rest of the global economy, he said, adding that this will have the greatest consequence for Singapore's economy.
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