SINGAPORE: In response to the recent tariffs imposed by the United States, Deputy Prime Minister Gan Kim Yong assured Parliament that the newly established task force would prioritise transparency and information sharing.
The task force’s mission is to assist businesses and workers in overcoming the economic uncertainties caused by the tariffs.
During his statement in Parliament on 8 April, Gan explained that while the government is still finalising the composition of the task force and its strategic approach, one of its central focuses would be ensuring clear communication with the public.
The government’s guiding principle would be to be “as transparent as possible” with the information it shares, he emphasised.
“If we know something important, we’ll share it with the population, businesses, workers, unions, and members of Parliament,” Gan said.
“And if we don’t have the information yet, we will honestly tell you that we do not have it.”
Task force to gather insights and involve unions in addressing US tariffs’ long-term impact
The task force, chaired by Gan, will actively gather input from private-sector representatives to understand the challenges businesses face and determine the necessary support measures from the government.
This approach, he said, would enable the government to stay well-informed and responsive to the evolving economic landscape.
Furthermore, Gan acknowledged the potential long-term impact the tariffs could have on employment, particularly with the possibility of a “major restructuring” of the economy.
To address these challenges, union representatives will be involved in the task force to ensure that the concerns of workers are appropriately considered.
At this early stage, Gan noted that the government needed more time to assess the full extent of the tariffs’ impact on the Singapore economy.
However, the task force would continue to monitor developments and provide updates as more information becomes available.
The task force will also engage with Singapore’s trading partners to share its assessments of the situation and explore avenues for collaborative efforts.
This will be essential in strengthening Singapore’s resilience in an increasingly uncertain global economic environment.
Prime Minister Lawrence Wong, who first announced the formation of the task force in his ministerial statement, outlined that the task force’s key objectives would include addressing immediate uncertainties and bolstering Singapore’s economic resilience.
The task force will comprise representatives from Singapore’s economic agencies, the Singapore Business Federation, the Singapore National Employers Federation, and the National Trades Union Congress.
LO Pritam Singh’s questions on building economic capabilities and boosting productivity
Gan’s remarks came in response to questions raised by Leader of the Opposition Pritam Singh, who sought clarification on the government’s plans to build economic capabilities in light of an unpredictable global landscape.
Singh questioned whether efforts to improve local consumption and reduce reliance on foreign labour were part of a broader strategy to boost productivity and address the structural challenges facing Singapore’s economy.
Singh also referenced similar initiatives introduced by Malaysia and asked if the government would provide further updates on the task force’s activities, particularly regarding exchanges with both the private and public sectors and the potential effects of the tariffs on various industries in Singapore.
In his response, PM Wong reiterated the government’s commitment to economic innovation and technological advancements.
He noted that the 2025 Budget had allocated additional resources to strengthen Singapore’s economy, particularly in the areas of innovation, skills development, and productivity.
Wong also highlighted the government’s continued focus on enhancing workforce skills through initiatives such as SkillsFuture.
This, he explained, was part of Singapore’s long-term strategy to ensure that its workforce remains competitive and adaptable in the face of evolving global challenges.
Wong further emphasised that Singapore’s ability to fund these initiatives and weather the storm of economic uncertainties was rooted in the country’s fiscal discipline and prudent financial management over the years.
The government’s fiscal foresight, he argued, would be crucial in navigating both current and future economic challenges.
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