Gov’t forms task force to address economic impact of US tariffs

It will be led by Deputy Prime Minister Gan Kim Yong.

The government has set up a task force to help businesses and workers cope with the economic fallout in response to the US's recent tariff hikes.

The task force, chaired by Deputy Prime Minister Gan Kim Yong, will focus on strengthening resilience and supporting industries affected by the tariffs.

In an address to parliament, Prime Minister Lawrence Wong said that the US’s new tariffs, ranging from 10% to 50%, signal a major shift in global trade, moving away from rules-based globalization. He warned that the tariffs could lead to further fragmentation of the global economy.

The task force will also bring together key economic agencies, industry groups like the Singapore Business Federation, and the National Trades Union Congress (NTUC) to address the immediate challenges posed by the US's trade policies.

In addition to the task force, the government has rolled out short-term measures to assist businesses and households, including tax relief and increased funding for workforce training programs like SkillsFuture.

“The US may have decided to turn protectionist. But the rest of the world does not have to follow the same path,” said Wong.

“We will identify other partners to join us and work around this – to ensure resilience and maintain critical parts of the multilateral system, whilst laying the foundations for a possible new and different global system that can be achievable later,” he added.

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