Taskforce To Address Tariffs, Develop Longer-Term Strategies 

The “Liberation Day” tariff announcements by the US presented a raft of tariffs of at least 10% across all countries, and higher rates for countries and trading blocs that have a trade deficit with the US. There have been talks and negotiations since, to obtain more favourable terms. Many countries are also relooking their policy priorities in the face of rising trade protectionism and geopolitical uncertainties. Amid the volatility and complexity, one thing is clear – a new global economic landscape has emerged and it is one that signals tough times and higher costs for countries, businesses and consumers.

At home, the Singapore Economic Resilience Taskforce (SERT) was set up to help our businesses and workers navigate the uncertainties arising from the US tariffs and related global developments, strengthen Singapore’s resilience, and position us to thrive in an increasingly challenging environment.

Given the wide-ranging impact that global developments have on our businesses and workers, it is unsurprising that the government is working with its tripartite partners to study the issues, and provide guidance and recommendations. SERT comprises representatives from the government, Singapore Business Federation, National Trades Union Congress, and Singapore National Employers Federation. The taskforce will deliver on three workstreams:

1) Sensemaking and communication

This workstream will be responsible for regular three-way communications among the government, businesses and workers. It will provide updates on the latest developments and how our schemes and measures can support businesses and workers, and assess the impact on them.

The proactive and open communication is expected to raise our collective awareness of how businesses and workers are impacted and adapting, and allow the taskforce to identify and respond quickly to address immediate challenges.

2) Addressing immediate challenges

This workstream will build on the work of the “Sensemaking and communication” workstream to identify pain points and immediate challenges faced by businesses and workers, and review and enhance our support measures, as needed.

The workstream will also leverage tripartite channels to proactively share existing support schemes and facilitate businesses’ and workers’ access to them.

3) Longer-term strategies and responses

This workstream will develop strategies to transform our businesses and workers to seize opportunities and strengthen resilience in the new economic landscape. This includes longer-term efforts to promote partnerships with like-minded countries and organisations; strengthen and build resilience in our status as a global hub in air, sea, trade, and finance; work with businesses to enter and grow in new markets and diversify their supply chains; ensure our continued attractiveness to local and international investors, founders and talent; and accelerate the transformation of our enterprises and workforce to overcome land and labour constraints through productivity and innovation.

SERT has begun its work of engaging businesses and workers. “The tripartite partnership between the government, employers and labour movement has been crucial to Singapore’s long-term success,” says Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, who chairs the taskforce. “As we prepare for a more unstable and fragmented era ahead, we must continue to work together and stay united, so that we can overcome the challenges that lie ahead, and find new opportunities to thrive in the new economic landscape.”