Acting Transport Minister Jeffrey Siow has joined a key government task force that was set up to help Singapore deal with the impact of new US tariffs. He takes over from Desmond Lee, who stepped down after a Cabinet reshuffle.
The task force, known as the Singapore Economic Resilience Taskforce (SERT), was formed in April 2025 after the United States imposed a 10% tariff on all imports, including goods from Singapore. This move has serious implications for local exporters, especially the pharmaceutical sector, which accounts for more than 10% of Singapore’s exports to the US.
What Is the Task Force Doing?
SERT is led by Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong, and is focused on:
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Understanding the effects of the tariffs
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Supporting affected businesses and workers
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Planning long-term strategies to strengthen Singapore’s economy
The task force is divided into three working groups:
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Sensemaking and communication
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Short-term support and new policy measures
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Long-term economic strategies
Changes to the Line-up
Besides Jeffrey Siow stepping in for Desmond Lee, Teo Siong Seng — the new chairman of the Singapore Business Federation (SBF) — has also joined the task force. He replaces Lim Ming Yan, the former SBF chairman.
These changes reflect the government’s efforts to ensure the task force is made up of the right people with relevant experience to respond quickly to the ongoing trade issues.
Talks with the US Ongoing
The US has indicated it is open to discussions with Singapore for possible tariff exemptions, particularly for pharmaceutical exports. While nothing is confirmed yet, talks are ongoing, and Singapore is pushing for preferential or zero tariffs in certain sectors.
Economic Outlook Still Uncertain
Despite the external pressure, Singapore is maintaining its growth forecast for 2025 at 0 to 2 per cent. The Ministry of Trade and Industry noted that while there has been a slight improvement in the global demand outlook, the overall environment remains uncertain.
In short, Singapore is not sitting still. With new faces like Jeffrey Siow on board, the task force is stepping up efforts to protect local jobs and industries from the impact of rising global trade tensions.
