Wong flags wage, hiring risks after US tariff decision

The country’s growth forecast will likely be revised downwards.

Prime Minister, Lawrence Wong said in parliament yesterday that the recent US tariff appears non-negotiable and could significantly impact Singapore's trade-dependent economy.

“We are very disappointed by the US move, especially considering the deep and longstanding friendship between our two countries. These are not actions one does to a friend,” Wong said.

The US will impose a 10% universal tariff on imports. Despite the existing US-Singapore Free Trade Agreement, which has facilitated a tripling of bilateral trade since 2004, Singapore is still subjected to this tariff.

He warned that the tariff might lead to companies relocating operations to the US.

The government is prepared to revise its GDP growth forecast, currently set at 1% to 3% for 2025, and will implement measures to support affected sectors.

“MTI is reassessing the growth forecast, and will likely revise it downwards,” Wong said. “Slower growth will mean fewer job opportunities and smaller wage increases for workers,”

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