SINGAPORE, April 3 (Xinhua) -- Singapore's Deputy Prime Minister Gan Kim Yong warned that new U.S. tariffs risk triggering a global economic slowdown, calling it a "lose-lose outcome."

Speaking at a press conference on Thursday, Gan, who also serves as minister for trade and industry, expressed concerns over the broader impact of the tariffs imposed by U.S. President Donald Trump.

On Wednesday, Trump signed an executive order introducing a 10-percent "minimum baseline tariff" on all imports, including those from Singapore, with higher rates applied to certain trading partners.

While Singaporean exports to the United States now face this immediate cost, Gan said that the bigger concern lies in the medium- and long-term effects on global trade and investment.

When other trade partners are imposed with tariffs, they may begin to slow down production and trade, which will slow down investments, Gan explained. "Similarly, once the whole global situation responds to this and investments globally slow down, trade globally slows down."

As an open economy heavily reliant on global trade, Singapore could feel the ripple effects. "No one will benefit from this exercise," Gan said. "In the end, it'll be a lose-lose outcome."

The deputy prime minister also cautioned that retaliatory tariffs worldwide could escalate into a "global trade war," disrupting supply chains, undermining business and consumer confidence, and deterring investments.

"We are naturally disappointed," he said, pointing out that U.S. exports to Singapore have enjoyed zero tariffs for over two decades, with the United States running a 30 billion U.S. dollar trade surplus with the city-state. With economic uncertainty looming, he advised businesses and households to brace for "rough waters ahead of us."

"From Singapore's perspective, we will have to double down on our efforts to continue to keep our economy open, continue to uphold this open, fair, free trade among like-minded countries," he said. Enditem