Asian markets saw red yesterday as the trade war between China and the United States threatened to spiral out of control, with both upping the ante. Bourses in Hong Kong, China and Japan all closed lower on the heels of Wall Street's earlier US$1 trillion wipeout.
"The worsening trade tensions will affect global businesses and consumer confidence, hurting global investments and consequently there will be a negative impact on jobs," he said on the sidelines of an International Maritime Defence Exhibition and Conference Asia event yesterday."Singapore cannot be immune to this fallout."
The hostilities wiped out more than US$1 trillion of stock market value on Wall Street, led by losses in the technology sector. Asian markets took a hit yesterday as well, with Indonesia, Japan and Singapore logging declines. Noting how hopes of a deal had taken a sudden hit, she added:"There is a lot of speculation about whether this is just rhetoric or a strategy, on part of both sides, to try and gun for a better deal."
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