The world economy now feels like a “minus-one world.” That’s the striking image offered by Lee Hsien Loong, the former Prime Minister and current Senior Minister of Singapore. He means that the United States is no longer a core player in the way the global economy works. It’s like a key piece of the puzzle has gone missing.
Speaking on July 18, 2025, at the 69th Annual Dinner of the Singapore Economic Society, Mr. Lee explained this idea. He calls it a “Temporary Minus-One World.” The idea is that global business carries on, but without the U.S. in its usual spot. It’s a big shift from how things used to be.
Mr. Lee pointed out that the U.S. has decided to step away from the old way of working together. Instead of following the rules of the World Trade Organization (WTO), America now prefers to make one-on-one trade deals. These deals are designed mostly to benefit the U.S. itself. This approach is very different from joining forces with many countries under common global rules.
The former leader of Singapore said that the framework for global trade still exists. But the U.S. simply doesn’t want to play by the old rules anymore. It appears to be trying to write new ones. While the U.S. still plays a part in global trade talks, it’s not clear if it will ever fully return to the system where many countries work together.
Despite this big change, other nations are moving forward. They are building partnerships through regional groups like ASEAN. They are also signing large free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). But when one of the world’s biggest economies clearly pushes back against the global rulebook, it shakes everything up. The world will certainly have to find new ways to adapt.