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Australia, Southeast Asian summit ends with rebukes against trade protectionism

Reuters Published on Sun, Mar 18, 2018 / 4:30 PM GMT+8

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SYDNEY (Mar 18): The leaders of Australia and Singapore closed a regional summit on Sunday with a stand against protectionism, arguing in favour of multi-nation trade deals as fears mount that US plans for new tariffs could stoke a global trade war.

"We strongly believe that a free, open and rules-based multilateral trading system is key to the region's growth and prosperity," Singapore's Prime Minister Lee Hsien Loong said at a news conference to mark the end of a summit between Australia and the Association of Southeast Asian Nations (Asean).

President Donald Trump announced the tariffs on Mar 7 to protect domestic steel and aluminium producers on national security grounds. The United States is also looking at tariffs on up to US$60 billion worth of Chinese imports, targeting technology and telecommunications sectors.