Singapore Forms Taskforce on US Tariff Fallout

Singapore has formed an eight-member Economic Resilience Taskforce, chaired by Deputy Prime Minister Gan Kim Yong, to help businesses and workers respond to new US tariffs and mounting global trade tensions. The taskforce includes key ministers and representatives from business and labor groups, and focuses on communication, identifying challenges, and developing short- and long-term adaptation strategies. Singapore now faces a 10% baseline US tariff, with added risks of further levies on sectors such as semiconductors and pharmaceuticals, while trade with both the US and China is being disrupted. The government has downgraded its 2025 GDP growth forecast and is providing unemployment and retraining support for affected workers. Officials warn that ongoing tariffs could trigger a recession and continue to undermine Singapore’s trade-dependent economy. The initiative highlights Singapore’s efforts to navigate a more protectionist and unpredictable global economic landscape.