Skip to playerSkip to main contentSkip to footer
AWANI
  • today
#AWANITonight with @Hafiz_Marzukhi

1. Singapore's ruling party finalises election line-up with new faces
2. Trump says U.S. tariffs on China 'will not be anywhere near' 145%

#AWANIInternational #AWANINews
Transcript
00:00Hello and good evening, you're watching Awani tonight with me, Hafiz Marzouki.
00:11Investment Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz says the government is committed to seeking the best solution regarding Trump's tariffs for mutual benefit.
00:21The minister is currently in Washington, set to meet with U.S. Trade Representative Jameson Greer and other relevant officials on April 24.
00:32Tengku Zafrul said the Malaysian delegation will also engage with business chambers and interest groups to explain Malaysia's stance and share cabinet feedback on the issue.
00:42Tengku Zafrul, accompanied by METI Deputy Secretary General for Trade, Mastura Ahmad Mustafa, along with other ministry officials, would also raise ASEAN's position on tariffs following recent special meeting of ASEAN Economic Ministers.
00:57In a separate post, he said he had productive talks with U.S. APEC Senior Official, Matt Murray.
01:02The International Monetary Fund, or IMF, downgrades Malaysia's real gross domestic product or GDP growth forecast for 2025 to 4.1%.
01:16It was from 4.7% previously, reflecting a broader downward revision across the region.
01:22The IMF trimmed its global growth forecast for 2025 to 2.8%, down 0.5% point from its January estimate.
01:33The IMF said that the global economy is at a critical juncture, with signs of stabilisation emerging through March of 2024 after a prolonged and challenging period of unprecedented shocks.
01:45IMF also projected fuel prices to fall by 7.9% in 2025, led by a 15.5% drop in oil prices and a 15.8% fall in coal prices.
01:57These declines are expected to be partially offset by a 22.8% rise in natural gas prices, driven by colder-than-expected weather, and the cessation of Russian gas flows to Europe via Ukraine since January.
02:15Singapore has finalised contestants for its May 3rd general election, with the ruling People's Action Party, or PAP, fielding 32 new candidates in the biggest ever refresh of the party that has ruled the city-state since independence in 1965.
02:31Now, the move follows a pledge by Prime Minister Lawrence Wong, who took office last year and assumed the PAP leadership to bring in new blood, new ideas, and new energy to steer the country of 6 million people.
02:45His latest shake-up beats that of predecessors Li Xianlong and Go Chok Tong, who replaced 24 and 11 politicians respectively in their first elections as Premier.
02:57The ballot is the first big test for 52-year-old Wong, and his party's share of the popular vote will be closely watched after one of its worst performances in the 2020 contest.
03:06The election also comes as Singapore faces uncertainty in its trade-reliant economy and the possibility of recession and job losses caused by US President Donald Trump's tariffs,
03:17even though the wealthy city-state will be subject to only a 10% levy compared to much steeper tariffs imposed on its neighbours.
03:23With Lawrence Wong stepping into his first general election as Prime Minister, how much of the PAP's traditional stronghold rests on his personal credibility versus party legacy?
03:37Earlier, I had a conversation with analyst Anas Haiyan from the Asian Strategy and Leadership Institute, or ASLI.
03:43Singapore's election on 3rd May will be a big moment not only for Prime Minister Lawrence Wong, but also for the party PAP.
03:54The PAP has been rock solid since 1959. They have delivered jobs, housing, and stability, and we could even see in the January election in 2020
04:02that they have received 61% of the vote share and 83 seats out of 93 seats offered. So that's the legacy at play.
04:11But Wong's personal vibe also matters a lot. His 52 comes from a regular family, so that really resonates with the ordinary Singaporean.
04:20And people are used to him being in the spotlight as the Prime Minister, but also when he was the Finance Minister handling COVID and budget.
04:28And we could even see that the PAP's new manifesto changed world, fresh team, new resolve that was dropped.
04:35And it's all about Wong, the Prime Minister, leading a younger, a more diverse team.
04:41He's offering 32 new candidates, including 13 women, to be pushed forward.
04:48So that's also a bold step that was taken by Lawrence Wong.
04:53But on the flip side, if we could see at the younger voters, they are not just buying the PAP votes or PAP brand from the get-go.
05:04So they are worried about cost, inequality, and they also want more voices.
05:10When we mentioned about the vote share, the 2020 vote share dipped 9% from 2015.
05:16And now opposition like the Workers' Party is eyeing spots for that is marginal, which are less than 10% marginal vote share from the previous election, just like Sengkang.
05:32And Wong's got to show that he's not just PAP 2.0, but also someone who gets their struggle.
05:37And I believe that, of course, his calm listening style helps, but the PAP's threat record is still the bigger anchor.
05:44So it's like a mix. Wong's credibility is a key, but legacy carries the weight.
05:51Other than that, I also spoke to Anas about how will Lawrence Wong re-kalibrate Singapore's strategic neutrality
05:58made an increasingly volatile US-China rivalry, especially when both are major economic partners.
06:07Singapore has always walked a tightrope with the US and China,
06:11with China being the largest export destination for Singapore and, of course, the US as a massive investor and a security ally.
06:22So when Wong became the Prime Minister last year, he has always advocated to not pick any sides and to be pro-Singapore.
06:30He said even at the latest lecture or a recent lecture that the world's messy and neither the US nor China will dominate.
06:39So Singapore's strategy now is, of course, to diversify its market.
06:45It has put also a focus on ASEAN, the EU, and even new ties like the Saudi Strategic Partnerships.
06:51So we could say that he is diversifying his market, leaning also into trade deals like RCEP and CPTPP,
07:01and even the current global and geopolitical maneuver by the US president, which are hitting the global markets.
07:09So, even now, this current election will also appoint the chairman of ASEAN in 2027 from Singapore.
07:20And if Prime Minister Lawrence is the chairman, he has advocated to keep the region neutral.
07:29And at home, it's of course quite tricky.
07:32Some people are leaning towards the US and some are leaning towards China.
07:38And I believe that the plan that has been put forward by Wong would keep the economy strong as well as to back this balancing act.
07:50And by diversifying ties and betting on ASEAN, he's keeping Singapore nimble.
07:56But it's tougher, it's a tougher game than ever.
08:00So this election will be very, very important for Singapore moving forward.
08:07We'll go for a short break. Stay with us.