The latest controversy on the social media these days is over the remarks made by President Donald Trump's ambassador to Singapore, Dr Anjani Kumar Sinha. When asked about the 10% baseline tariff imposed on Singapore by Donald Trump in spite of a free trade agreement since 2004, Dr Sinha commented that "over many decades, American taxpayers and service members have underwritten regional security, playing an important role in making Singapore's economic miracles possible".
Personal Thoughts
So despite the trade surplus enjoyed by the US trading with Singapore, the 10% import tariff imposed on Singapore by Donald Trump is actually a form of "Protection money". This reminded me of the early days of Singapore when Triads or Secret Societies run amok. Historically, Triads or Secret Societies in Singapore heavily relied on demanding protection money (extortion) as a primary source of income, particularly during the colonial era and the mid-20th century. This activity was a major menace to shopkeepers, hawkers, and residents during that dark historical era.
Interestingly, it appears that Dr Sinha is insinuating that US is acting like a Mafia and imposing "Protection money" on Singapore and Singaporeans should be grateful for it. So, now we know that the 10% import tariff levied on Singapore is actually not a tariff on imports but rather "Protection money".
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