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The former Singapore foreign and trade minister, George Yeo has indicated that the growing trade war between the United States and China would lead to an expected Global Economic Crisis. Yeo is currently the chairman of Hong Kong-based Kerry Logistics Network. He said that his company has originally benefited in the short term from the tariff conflict between the two biggest economies in the world. He added that various businesses are speeding up shipments and shifting their trade and investment to prevent the expected effects of tariffs. Yeo informed CNBC on Friday that this situation might be temporary. It isn’t good for most of us in the near future if it leads to a global economic crisis, and it might happen. He added that we’ve just had Trump threatening to leave the WTO if it doesn’t change in the favor of the United States.

The U.S President Donald Trump threatened in an interview published by Bloomberg on Thursday. Trump threatened to withdraw the U.S from the World Trade Organization (WTO), and it has been considered his latest verbal attack on the global trading system. Trump said in the interview and criticized the treatment for the United States from the Geneva-based body, and said that if they don’t shape up, he will withdraw from the WTO. Bloomberg also reported that Trump said to his aides that he supports going ahead with the imposition of proposed tariffs on an additional 200 billion U.S dollars in Chinese goods. The White House didn’t respond to comment on the report. Yeo also added that Trump doesn’t see a worldwide crisis as a “probability”. He stressed that people in business are increasingly on edge regarding the global economy. He criticized the skyrocketing interest rates of Argentina as an example of the nervousness.