SG60: PM Wong finds ‘little comfort’ in US tariff relief

The government has also set up the Singapore Economic Resilience Taskforce.

Prime Minister Lawrence Wong said at the National Day Rally that the US maintaining a 10% baseline tariff on Singapore provides only “little comfort.”

“Because no one knows if – or when – the US might raise the baseline,” he said. “Or set higher tariffs on specific industries like pharmaceuticals or semiconductors.”

PM Wong noted that global trade barriers are increasing, putting added strain on small, open economies like Singapore.

In response, the government has formed the Singapore Economic Resilience Taskforce, led by Deputy Prime Minister Gan Kim Yong, to negotiate agreements abroad and protect the country’s economic interests.

“We are doing this because the external shifts we see today are not temporary,” PM Wong said.

He also pointed out the widening gap between the US and China and a more contested and fragmented global economy.

PM Wong said Singapore needs a new economic blueprint, with the task force reviewing economic strategies and involving younger political office holders, industry partners, and union leaders.

The government is set to revisit several major issues, including how Singapore can stay competitive amidst fast-changing global conditions, how it can secure access to green energy, and how to help enterprises enter and expand overseas and become global leaders.