Singapore forms taskforce to tackle US tariff fallout DPM speaks to US Trade Representative Greer (2025)

PTI

Updated: April 17, 2025 11:08 IST

Singapore, Apr 17 (PTI) The Singapore government has formed a high-level taskforce comprising five ministers and three leaders from the labour movement, business, and employer groups to help local businesses and workers navigate the uncertainties sparked by the sweeping tariffs recently imposed by the United States.
The Singapore Economic Resilience Taskforce, chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, held its first meeting on Wednesday (April 16), The Straits Times reported on Thursday.
Prime Minister Lawrence Wong on April 8 announced the formation of taskforce following the US tariff announcements that have sparked volatility in markets worldwide and cast a pall on the global economy.
Separately, Gan had also discussed the recent tariffs and their impact on trade during his first conversation with US Trade Representative Jamieson Greer on Tuesday (April 15).
"We discussed our relationship, we talked about the tariffs, our concerns about the tariffs. We also discussed what we plan to do, going forward,” the daily quoted Gan as saying after the Taskforce's first meeting.
Singapore, which has a free trade agreement with the US and currently imposes zero tariffs on imports from America, was subject to the baseline 10 per cent tariff rate, which came into effect on April 5.
Speaking about the taskforce meeting, Gan said, "As we prepare for a more unstable and fragmented era ahead, we must continue to work together and stay united, so that we can overcome the challenges that lie ahead, and find new opportunities to thrive in the new economic landscape.”
"The tripartite partnership between the government, employers and the labour movement has been crucial to Singapore’s long-term success,” he added.
The taskforce will focus on longer-term strategies to help businesses and workers seize new opportunities and build resilience in the evolving economic landscape, according to The Straits Times.
These include strengthening partnerships with like-minded countries and organisations and boosting Singapore’s position as a global hub for air, sea, trade and finance.
The taskforce will begin engaging businesses and workers in the coming weeks and will provide regular progress updates, it added.
Manpower Minister Tan See Leng, a member of the taskforce, cautioned that mature workers and fresh graduates may face greater challenges in the job market amid global economic shake-up.
The taskforce will tackle both immediate challenges and long-term structural changes in the economy.
The ministry of trade and industry on Monday (April 14) downgraded its forecast for 2025 GDP (gross domestic product) growth to a range of 0-2 per cent, from 1-3 per cent. Singapore’s GDP grew 4.4 per cent in 2024.
The taskforce members include:
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; and Minister for Transport and Second Minister for Finance Chee Hong Tat.
The other members are: Singapore Business Federation (SBF) chairman Lim Ming Yan; National Trades Union Congress (NTUC) secretary-general Ng Chee Meng; and Singapore National Employers Federation president (SNEF) Tan Hee Teck.

(This story has not been edited by THE WEEK and is auto-generated from PTI)