Singapore Prime Minister Warns of ‘Dark Clouds’ as US and China Compete

(Bloomberg) -- Singapore Prime Minister Lawrence Wong warned of “dark clouds over the horizon” as more global economic activities are viewed through a security lens.

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“We are in a new era, marked by the growing contest for dominance and leadership” between US and China, Wong said at state-owned investor Temasek Holdings Pte’s 50th anniversary dinner on Monday.

“Restrictions have already been imposed on key technologies like artificial intelligence and semiconductors,” the premier said. “What is worrying is that security concerns are spilling over to more and more areas.”

Calls for targeted protectionism and aggressive subsidies for key industries will be with us for some time and lead to more zero sum thinking and a more dangerous world, he added.

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