PUBLISHED ONMarch 01, 2026 6:28 AMBYSean LerThe attacks on Iran by Israel and the United States have added to global uncertainties, which will in turn affect businesses and global trade, said Senior Minister Lee Hsien Loong.
SM Lee was speaking at his constituency's Chinese New Year celebration dinner held at Teck Ghee Community Club on Saturday (Feb 28).
Pointing to the series of moves made by the Trump administration after the US Supreme Court struck down the US President's sweeping tariffs, SM Lee said: "The world remains very uncertain, and we have no idea what surprises lie in store."
After the US Supreme Court's ruling, US President Donald Trump first invoked another law to impose a 10 per cent global tariff, then, in less than 24 hours, increased tariffs to 15 per cent.
Turning to the ongoing military operation by the US and Israel in Iran, SM Lee said that the attacks on Iran, as well as the retaliatory strikes by Iran on cities and targets across the Middle East, will affect energy prices and impact countries even if they are far away from that region.
"You can see how the war starts, but it is very hard to tell how the war will end.
"The overall climate of uncertainty created by these dramatic twists and turns will dampen the global climate for trade and investment, for cooperation and prosperity," said SM Lee.
As a small and open economy reliant on global trade and investments, Singapore will be affected.
"Because businesses and companies will find it impossible to plan for what will happen tomorrow; what they can rely on; where they can safely invest; what they should do in order to make sure the company will be okay the day after tomorrow," SM Lee explained.
But it is not all doom and gloom for Singapore even with the uncertainties, said SM Lee, as the Government will do its part to help Singaporeans and businesses.
"We cannot tell what will happen in the world, we cannot help what will happen in the world. But we can make sure that within Singapore, we prepare ourselves, and make the best of whatever situation comes and meet us," he added.
In his recent Budget speech, Prime Minister Lawrence Wong, who is also Minister for Finance, announced measures to help businesses, workers, and Singaporeans including families, households and the vulnerable.
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