The United States recently announced new tariffs, meaning that goods imported from other countries into the United States will be slapped with extra taxes.
While some people may think, “Not my problem lah, it’s a US issue,” Prime Minister Lawrence Wong has made it very clear that it IS our problem.
Why? Because Singapore’s economy is super dependent on global trade. If trade slows down, it’s not just some factories or big bosses who kena. You, me, he, she, they, them and many hardworking Singaporeans could be next.
Yes, we could lose our jobs.
Lucky or not, Singapore only kena 10%. While some people may think, “Ok mah! 10% only, other countries kena more leh!” but bear in mind that the Fatty Trump may suddenly ki siao again and top up more. Let’s pray that he won’t!
And in case you are one of those who thinks that 10% is acceptable as compared to the other countries, Prime Minister Lawrence Wong has warned that it this 10% could seriously affect Singapore’s economy, businesses, and even everyday workers.
To prepare for this, PM Wong said the government is setting up a Taskforce to keep a close eye on the situation. This Taskforce will study how these US tariffs could hit Singapore, and come up with ways to protect our companies and workers.
Why Singaporeans shouldn’t Bochap (ignore) this
Singapore is a small and open economy. We rely heavily on trade with other countries — for jobs, business, and growth. If global trade slows down because of these tariffs, it will hit Singapore too.
Some of the sectors that could be affected include:
🏭 Manufacturing
Fewer orders = less production = less overtime, smaller bonuses, or even job cuts.
📦 Wholesale trade & logistics
If fewer goods are moving, import/export businesses, logistics workers, delivery drivers and port staff may suffer.
💼 Finance and insurance
Less trade also means less activity in banking and financial services, which could lead to fewer jobs and smaller pay packages, especially for high-skilled roles in trading, asset management, and corporate banking.
Singapore’s role as a global financial centre depends on strong trade flows. If trade slows down, there will be fewer “good jobs” in the financial sector too — something that many Singaporeans aspire to.
US companies may shift jobs away from Singapore
Another serious concern is that US multinational companies (MNCs) currently operating in Singapore might decide to move their production elsewhere, or even bring it back to the US to avoid the 10% tariffs.
If that happens, it could lead to:
- Job losses for local workers in those factories or supply chains
- Fewer business opportunities for supporting industries (logistics, admin, finance, etc.)
This is why Singaporeans cannot afford to ignore what’s happening overseas. The risks are real, and the impact could be felt across all levels — from blue-collar workers to PMEs.
Even those not directly in these industries might be affected. When the economy slows, people tend to spend less, which can hit retail, F&B, and services. That means everyone from sales staff to hawkers could feel the ripple effects.
Gahmen will not sit and wait, will give more support if needed
But heng for Singaporeans, our Gahmen always very kiasu and they will plan ahead one.
In his ministerial statement, PM Wong said the task force, led by DPM Gan Kim Yong, will include members from Singapore’s economic agencies, the Singapore Business Federation, the Singapore National Employers Federation and the National Trades Union Congress (NTUC). They will make sure there are fast responses to help workers and companies adjust.
He also assured Singaporeans that support is already in place from Budget 2025. He also added that if needed, more help will be provided to cushion the impact.
This can include things like:
- Support for workers who are retrenched or affected
- Training to switch to more stable or growing industries
- Grants or relief for businesses to keep jobs going
Staying strong in uncertain times
Even as Singapore prepares for the challenges, PM Wong said we must not retreat or turn inwards. Instead, we must:
- Double down on being a trusted global business hub
- Stay connected to global trade and supply chains
- Continue supporting free trade and open markets
PM Wong’s key message: “We cannot control what happens overseas, but we can control how we respond. Singapore will stay open, stay prepared, and make sure no one is left behind.”
So while some may think these US tariffs don’t concern us — the reality is, they do.
And the Gahmen is taking early steps to make sure Singaporeans’ jobs, incomes, and futures are protected.
