A new task force has been formed by the Singapore government in response to sweeping import tariffs imposed by the United States. The team held its first meeting on 16 April 2025.
It is chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and includes five Cabinet ministers, along with representatives from business and labour organisations.
The task force aims to manage immediate challenges posed by the tariffs and create long-term strategies for economic resilience. Its work follows an announcement made by Prime Minister Lawrence Wong in Parliament on 8 April.
The task force includes the following members:
- Desmond Lee, Minister for National Development and Minister-in-charge of Social Services Integration
- Josephine Teo, Minister for Digital Development and Information and Second Minister for Home Affairs
- Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry
- Chee Hong Tat, Minister for Transport and Second Minister for Finance
- Lim Ming Yan, Chairman of the Singapore Business Federation (SBF)
- Ng Chee Meng, Secretary-General of the National Trades Union Congress (NTUC)
- Tan Hee Teck, President of the Singapore National Employers Federation (SNEF)
As Lim Ming Yan was overseas, Mark Lee, SBF Vice Chairman, stood in for him during the initial meeting. The group will begin engaging companies and workers in the coming weeks.
The development comes after US President Donald Trump announced a 10 per cent baseline tariff on all imports earlier this month. The move targets countries worldwide, including Singapore.
Higher tariffs were placed on dozens of trading partners, with China receiving some of the harshest levies. Chinese exports to the US are now subject to a 145 per cent tariff, while US goods face a 125 per cent tariff in China.
Although Trump has announced a 90-day pause on some of the increases, he has maintained a hard stance on China.
Gan Kim Yong noted on Wednesday that some companies in Singapore have already been impacted.
Firms with operations in China or those selling to Chinese manufacturers have experienced order cancellations and deferrals.
He warned that escalating tensions between the US and China present global risks.
“This dangerous game of brinksmanship between the US and China also risks greater tension that can easily spill over to other countries and other areas,” he said.
Gan added that Singapore must be prepared for the possibility of a recession this year.
In response to mounting economic pressure, the Ministry of Trade and Industry (MTI) has downgraded the nation’s 2025 growth forecast to between 0 per cent and 2 per cent.
The Monetary Authority of Singapore (MAS) also responded by easing monetary policy this week.
Three-pronged approach to guide businesses, address immediate needs, and secure long-term resilience
The task force will be organised into three working groups, each focusing on a specific domain.
The first group will assess how businesses are affected and promote awareness of available support schemes. It will also communicate updates from the task force to the public.
The second group is tasked with addressing urgent issues and developing additional relief measures if necessary.
The third group will focus on long-term transformation strategies. This includes reinforcing Singapore’s status as a global hub in aviation, maritime, trade, and finance.
It also aims to ensure the country remains competitive for investors and continues to attract top global talent.
Gan stressed that the task force’s role is both reactive and forward-looking, ensuring Singapore is not only shielded from current economic shocks but also better positioned for future growth.
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