US election: Singapore trade minister warns of economic hit from divided vote

Trade Minister Chan Chun Sing says one of the biggest challenges for the US is how it can maintain its leadership in the world to uphold the global economic order

While China’s economy continues its recovery from the pandemic, he said Beijing alone will not be able to do miracles for the world

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Singapore’s Trade and Industry Minister Chan Chun Sing. Photo: Facebook

Published: 12:31pm, 5 Nov 2020Updated: 1:50pm, 5 Nov 2020

The US presidential election result may still be in doubt, but whoever emerges victorious will need to unite the country to adapt to the challenges of globalisation and digitisation or risk a backlash so severe it could damage the global economic system, Singapore’s Trade and Industry Minister Chan Chun Sing warned on Thursday.

Without such a shift, “there will be a pushback against globalisation and the world economic system may fracture or fragment because of that,” Chan said.

“One of the biggest challenges for the US going forward is how can it maintain its leadership in the world by mobilising like-minded partners to work together to uphold and update the global economic and security order,” the minister said.

Chan’s comments come with Democratic candidate Joe Biden closing in on the 270 Electoral College votes needed for the presidency and incumbent Donald Trump filing legal challenges to stop ongoing vote-counting in several states.

The results show the US electorate is “almost split down the middle,” Chan said.

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