What made Economists arrive at this conclusion was Donald Trump’s election manifesto regarding the revision of international trade contracts. These, among others, include the Trans-Pacific Partnership (TPP), where Singapore, South Korea and Vietnam are involved. Over 40% of TTR countries’ export accounts for the USA, so the establishment of trade barriers will be indeed painful.
For example, trade turnover between Singapore and USA has reached US$75bn a year. This is a substantial amount for a country with a population of 5m.