This Economic Resilience Taskforce will move quickly, plan for the future, and help Singapore stay strong while protecting jobs and businesses.
The U.S. has announced that it will be imposing a sweeping 10% tariff on all imports. This could affect global trade and hit countries like Singapore hard.
To prepare for this, the Singapore Government has set up a new Economic Resilience Taskforce to help Singapore’s businesses and workers deal with the challenges caused by the U.S. tariff move and other global changes.
Who’s in the Taskforce?
The taskforce is led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong.
It also includes:
- 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
Other key members include:
- Ng Chee Meng, Secretary-General of NTUC (National Trades Union Congress), whose role is to ensure that workers’ interests are front and centre in Singapore’s economic planning, especially during uncertain times
- Lim Ming Yan, Chairman of the Singapore Business Federation (SBF), who will represent the views of businesses
- Tan Hee Teck, President of the Singapore National Employers Federation (SNEF), will advise on how companies can stay competitive and support their staff at the same time
This combination of Government, employers and the labour movement reflects a tripartite approach — something Singapore has long relied on to navigate major national challenges.
Why need this taskforce?
The world economy has become more unpredictable. COVID-19, the war in Ukraine, rising nationalism, and now the U.S. tariffs are making it harder for small trading countries like Singapore to stay stable.
The U.S. tariffs may hurt Singapore’s exports, foreign investment, and supply chains, and these are all important parts of our economy.
This taskforce will move quickly and plan for the long-term to help Singapore stay strong, protect jobs, and keep our economy competitive.
What will the taskforce do?
The taskforce will focus on four main areas:
- Protecting and Growing Good Jobs for Singaporeans
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- Help Singaporeans keep their jobs, even if trade changes affect certain industries
- Support retraining and career changes where needed
- Securing Economic Resilience in Critical Areas
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- Strengthen supply chains for key things like food, energy, and digital services
- Reduce risks in areas where we depend too much on other countries
- Driving Innovation, Sustainability, and Enterprise Transformation
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- Encourage companies to upgrade with better tech and green solutions
- Make sure Singapore remains attractive to investors
- Strengthening Regional and International Connectivity
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- Find new trade opportunities with nearby countries like ASEAN, India, and China
- Spread out our exports so we are not too dependent on any one country
This taskforce isn’t just reacting to the U.S. tariffs. It’s part of a bigger plan to prepare Singapore’s economy for the future.
As Prime Minister Lawrence Wong said at the recent S Rajaratnam Lecture, Singapore must take charge of its own future and not just wait to see what others do.
With global tensions rising and trade rules changing, Singapore needs to stay flexible and ready. This taskforce will help ensure we are ahead of the curve, not behind it.
