Core Viewpoint - The importance of a rules-based multilateral trading order is emphasized, particularly in the context of small countries being marginalized if trade is conducted on individual terms and tariffs are imposed at will [1][2]. Group 1: Trade and Economic Impact - The potential impact of the end of the grace period for reciprocal tariffs proposed by the Trump administration is identified as the largest uncertainty for Singapore's economy, hindering long-term planning for companies [2]. - The suppression of investment and employment is expected to weaken global growth, with the possibility of an economic recession not being ruled out [2]. Group 2: Call for Reform and Cooperation - A call for reform of the World Trade Organization (WTO) is made in light of escalating tensions between China and the United States, stressing the need to ensure free and fair global trade [2]. - The upcoming 60th anniversary of diplomatic relations between Japan and Singapore in 2026 is seen as an opportunity to explore new areas of cooperation, including digital trade, supply chain resilience, and green technology [2].