US-China Power Play: The Global Shift in Economic Order

Singapore's Prime Minister, Lawrence Wong, highlighted the growing rivalry between the US and China, focusing on their influence on global politics and economics. He addressed the shift from a US-dominated order to an uncertain geopolitical landscape driven by national interests, reshaping the world economy into bifurcated systems.

In a significant address on Wednesday, Singapore's Prime Minister Lawrence Wong highlighted the escalating rivalry between the US and China. Contrary to their claims of not wanting countries to choose sides, Wong noted the superpowers are actively pulling nations into their spheres, shaping a new geopolitical landscape.

Wong, speaking at the annual S. Rajaratnam Lecture in front of an audience of about 900, remarked on the profound changes to the post-World War II international order, predominantly led by the US. He observed that support for global engagement in America is waning, with many feeling sidelined by globalization.

This sentiment, Wong elaborated, has led to an inward-focused US, unwilling to shoulder global responsibilities like before. Meanwhile, China's emergence as a near-peer competitor has intensified global economic tensions, notably through tariffs, leading to uncertainty and a redefined global economic order split between US and Chinese influences.

(With inputs from agencies.)