US tariffs: S'pore will form taskforce to help businesses and workers cope with new economic environment

The Singapore government will be setting up a taskforce in response to the sweeping tariffs imposed by U.S. President Donald Trump.

This was announced by Prime Minister Lawrence Wong on Apr. 8 in Parliament.

The taskforce, chaired by Deputy Prime Minister Gan Kim Yong, who is also Minister for Trade and Industry, will help businesses and workers address the immediate uncertainties, strengthen their resilience, and better adapt to the new economic environment.

In addition to economic agencies, the taskforce will include the Singapore Business Federation, the Singapore National Employers Federation, and the NTUC.

PM Wong added that the government will continue to monitor developments closely, and promised that the government stands ready to do more, if and when necessary.

PM Wong said Singapore has the resources to do so because of the financial discipline and prudence the country has exercised over many decades.

A 10 per cent tariff imposed on Singapore by the U.S. kicked in on Apr. 6, meaning all exports from Singapore to the U.S. will face a 10 per cent tax borne by the importer in the U.S.

Gan said that one key focus of the taskforce is going to be in terms of communication and information sharing.

The taskforce will gather information from the ground, understand the challenges faced by the enterprises on the ground, and discuss how the government can support them through these uncharted waters.

He added:

"As we move ahead under this new landscape, we also will include union representatives, because we do expect jobs may be affected. It may not be immediately, but I think in the medium to longer term, there will be a major restructuring of the economy that will result in the restructuring of the workforce as well."

Comprehensive package of measures for households and individuals

PM Wong also said that the comprehensive package of measures announced during Budget 2025 will provide short-term support for Singaporeans.

They include CDC vouchers, SG60 vouchers, and U-Save rebates that will alleviate cost of living concerns.

There are also targeted measures like increased ComCare Assistance for the more vulnerable groups.

PM Wong added that the government is supporting workers through investments in SkillsFuture. Those who find themselves involuntarily unemployed will receive help to get back on their feet through the SkillsFuture Jobseeker Support scheme, which will start later this April.

PM Wong said that in the new environment, Singapore must redouble its efforts to remain a key node in global flows and a trusted business hub.

At the end of his speech, PM Wong said:

"Now, more than ever, we will stay resolute and united. Our little red dot will continue to shine. In a dark and troubled world, Singapore will hold our ground as a beacon of stability, purpose and hope."

Top image via MDDI/YouTube and Canva