Singapore Foreign Minister Vivian Balakrishnan was speaking for the rest of Asia when he told a Washington, DC, audience in May that protracted US-China trade tensions would have a profound impact on the region. “While we need to hope for the best, we need to also prepare for a period of increased volatility, potential slowing down of growth rates, and in the worst-case scenario, a major reordering of global supply chains” he warned. Balakrishnan also said he was worried that the US-China standoff would have ripple effects elsewhere, particularly in a failure to frame global rules of the road for the digital economy. “If this is not achieved, then you will end up with bifurcated supply chains, a bifurcated Internet. It will be a much less efficient world” he said.
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