SINGAPORE – A national task force set up to help affected businesses and workers navigate the uncertainties sparked by US tariffs on Singapore goods will focus on regular communication, addressing immediate challenges and developing strategies to adapt to the new economic landscape.
These will be the three main work streams undertaken by the new Singapore Economic Resilience Taskforce, Deputy Prime Minister Gan Kim Yong told the media during the first meeting of the task force on April 16.
The establishment of a task force was first announced by Prime Minister Lawrence Wong on April 8, following a 10 per cent baseline tariff imposed on all Singapore goods entering the US by President Donald Trump on April 2. Tariffs were also imposed on the US’ other trading partners.
These tariffs are expected to weigh on Singapore’s economy, impacting domestic jobs and wages. On April 14, the Ministry of Trade and Industry downgraded the Republic’s growth forecast to zero per cent to 2 per cent in 2025.
The first work stream will focus on establishing regular three-way communication between the Government, businesses and workers, and will include updates about the latest developments and assessments of their impact.
Digital Development and Information Minister Josephine Teo, who co-leads the first work stream, noted that “a degree of confusion” is to be expected, given how rapidly the situation on tariffs is changing.
“The antidote to confusion is sense-making. This means we must try and turn the noise we pick up into insight. And out of this insight, to try and charge a path through the uncertainty,” she said.
The second work stream will be tasked with identifying the pain points and immediate challenges faced by businesses and workers. This includes reviewing and enhancing the Government’s support measures and deploying them as needed.
Labour chief Ng Chee Meng, who is co-leading the second work stream, said in a press statement: “In the uncertainties ahead, we hope companies can take a more flexible approach other than retrenchment to preserve talent and strengthen future capabilities.”
Co-leading the second work stream with Mr Ng is Singapore National Employers Federation president Tan Hee Teck, who stressed the importance of the broader business community in encouraging the continued hiring and training of workers, despite the cautious climate.
“It is critical to continue investing in our workforce and relevant skills so that we are better positioned to weather the challenges ahead.”
The third work stream will develop medium- to longer-term strategies to strengthen Singapore’s economic resilience.
This includes exploring new and innovative ways to enter and grow in new markets and strengthening Singapore’s status as a global hub in air, sea, trade and finance.
Minister for National Development Desmond Lee, who co-leads the third work stream, noted that economic resilience is not only about withstanding adversity, but also transforming through it and thriving.
More workshops, regular updates to help S’pore firms cope with US tariffs: Josephine Teo Singapore’s new task force to address immediate tariff shock, and also plan for the future
JoinST's Telegram channel and get the latest breaking news delivered to you.
TariffsDonald TrumpSingapore economySingapore companies
