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SINGAPORE: The new task force formed in response to tariffs from the United States will include five Cabinet ministers as well as business and labour representatives.
The task force held its first meeting on Wednesday (Apr 16) and will work to address immediate challenges and develop long-term strategies.
Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members:
Mr Mark Lee, vice chairman of SBF, represented the organisation on Wednesday as Mr Lim was overseas. The members will begin engaging companies and workers over the next few weeks.
The update on the task force comes a week after Prime Minister Lawrence Wong announced in parliament that Singapore would form a task force to help businesses and workers deal with the effects of sweeping US tariffs.
Earlier this month, US President Donald Trump unveiled a baseline 10 per cent tariff on all imports targeting countries around the world, including Singapore. Higher "reciprocal tariffs" were imposed on dozens of America's trading partners, with China bearing the brunt of the levies.
Trump later said there would be a 90-day pause on the higher tariffs, but doubled down on China.
Chinese goods now face a 145 per cent tariff in the US, while US goods face a 125 per cent tariff in China.
On Wednesday, Mr Gan said some companies in Singapore have already been affected. For example, those that have manufacturing operations in China or sell to manufacturers in China are seeing cancelled or deferred orders.
"This dangerous game of brinksmanship between the US and China also risks greater tension that can easily spill over to other countries and other areas," he said.
Singapore cannot rule out the possibility of a recession this year, Mr Gan added.
As worries loom about the impact of the tariffs on Singapore's open economy, the Ministry of Trade and Industry (MTI) downgraded its 2025 growth forecast to between 0 per cent and 2 per cent. The Monetary Authority of Singapore also eased monetary policy this week as economic fears rise.
The members of the task force were split into three groups to focus on different areas.
The first group will work on assessing how businesses are being affected and sharing information on what schemes are available. It will also keep the public informed of the task force’s work.
The second group will focus on addressing immediate challenges and developing additional measures if needed.
The last group will come up with strategies to transform businesses and workers. This will include longer-term efforts to strengthen Singapore’s status as a global hub in air, sea, trade and finance, and ensuring Singapore remains attractive to investors and talent.
Source: CNA/an(gs)
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FAST
SINGAPORE: The new task force formed in response to tariffs from the United States will include five Cabinet ministers as well as business and labour representatives.
The task force held its first meeting on Wednesday (Apr 16) and will work to address immediate challenges and develop long-term strategies.
Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members:
- Minister for National Development and Minister-in charge of Social Services Integration Desmond Lee
- Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo
- Minister for Manpower and Second Minister for Trade and Industry Tan See Leng
- Minister for Transport and Second Minister for Finance Chee Hong Tat
- Chairman of the Singapore Business Federation (SBF) Lim Ming Yan
- Secretary-General of the National Trades Union Congress (NTUC) Ng Chee Meng
- President of the Singapore National Employers Federation (SNEF) Tan Hee Teck
Mr Mark Lee, vice chairman of SBF, represented the organisation on Wednesday as Mr Lim was overseas. The members will begin engaging companies and workers over the next few weeks.
The update on the task force comes a week after Prime Minister Lawrence Wong announced in parliament that Singapore would form a task force to help businesses and workers deal with the effects of sweeping US tariffs.
Earlier this month, US President Donald Trump unveiled a baseline 10 per cent tariff on all imports targeting countries around the world, including Singapore. Higher "reciprocal tariffs" were imposed on dozens of America's trading partners, with China bearing the brunt of the levies.
Trump later said there would be a 90-day pause on the higher tariffs, but doubled down on China.
Chinese goods now face a 145 per cent tariff in the US, while US goods face a 125 per cent tariff in China.
Related:
On Wednesday, Mr Gan said some companies in Singapore have already been affected. For example, those that have manufacturing operations in China or sell to manufacturers in China are seeing cancelled or deferred orders.
"This dangerous game of brinksmanship between the US and China also risks greater tension that can easily spill over to other countries and other areas," he said.
Singapore cannot rule out the possibility of a recession this year, Mr Gan added.
As worries loom about the impact of the tariffs on Singapore's open economy, the Ministry of Trade and Industry (MTI) downgraded its 2025 growth forecast to between 0 per cent and 2 per cent. The Monetary Authority of Singapore also eased monetary policy this week as economic fears rise.
Related:
The members of the task force were split into three groups to focus on different areas.
The first group will work on assessing how businesses are being affected and sharing information on what schemes are available. It will also keep the public informed of the task force’s work.
The second group will focus on addressing immediate challenges and developing additional measures if needed.
The last group will come up with strategies to transform businesses and workers. This will include longer-term efforts to strengthen Singapore’s status as a global hub in air, sea, trade and finance, and ensuring Singapore remains attractive to investors and talent.
Source: CNA/an(gs)
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