The Trump administration on Wednesday imposed a baseline tariff rate of 10 per cent on Singapore and other countries.
Dozens of other US trading partners face varying higher rates. China was a key target, with stinging new US tariffs of 34 per cent on top of existing levies, bringing the total to 54 per cent.
Beijing retaliated on Friday, announcing additional tariffs of 34 per cent on all US goods from Apr 10.
Mr Wong said in a YouTube video on Friday that Singapore must brace itself for more shocks to come, as the global calm and stability that once existed “will not return anytime soon”.
“We cannot expect that the rules which protected small states will still hold,” said Mr Wong.
“I am sharing this with you so that we can all be mentally prepared. So that we will not be caught off guard. Let us not be lulled into complacency. The risks are real. The stakes are high.”
On Saturday, Mr Singh said change and unpredictability are an ever-present reality for nations heavily reliant on trade, and this is accentuated by industrial transformation and technology.
“As we face a new chapter in the history of Singapore, the Workers’ Party will step up and do right by Singapore – together with all Singaporeans,” he added.
