SINGAPORE: During the 8 April parliamentary sitting, Prime Minister Lawrence Wong addressed the economic risks posed by sweeping new US tariffs in a ministerial statement, warning that Singapore faces a period of slower growth and potential job losses.
He announced a range of support measures under Budget 2025, including CDC and SG60 vouchers, U-Save rebates, and enhanced ComCare assistance.
A new taskforce, chaired by DPM Gan Kim Yong, will also be formed to help businesses and workers navigate this shifting landscape.
Progress Singapore Party NCMP Leong Mun Wai welcomed the Prime Minister’s call for calm but raised four pointed clarifications.
He questioned whether Singapore’s existing low tariff regime gave it a competitive edge in continuing exports to the US, and whether the impact of the tariffs might be temporary—lasting no more than two years.
He also asked if the world was already transitioning away from the US-led Pax Americana era and whether this move by the US would accelerate the shift to a new global order.
“Does the Prime Minister agree that the right approach to dealing with adversity is to have free contestation of ideas, and not groupthink?”
In response, Mr Wong reaffirmed the government’s openness to ideas, saying it will continue engaging all stakeholders to build a better future for Singapore.
He cautioned, however, that the global order is in a volatile transition and that the US tariffs—despite hopes for negotiations—are likely to remain in place, as the US administration has signalled its current tariff base is “not up for negotiation.”
On Singapore’s position as a low-tariff country, PM Wong remarked,“If you want to see silver linings in a dark cloud, you can say so… but I take no comfort at all in us being in the lowest tier.”
He stressed that Singapore’s reliance on trade means the new global environment poses serious long-term challenges for the country’s economy.
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