Watch: PM Lawrence Wong's ministerial statement on US tariffs and their implications for Singapore

SINGAPORE: Prime Minister Lawrence Wong on Tuesday (Apr 8) spoke in parliament about sweeping tariffs imposed by the Trump administration in the US, saying it will significantly impact Singapore's growth.

"We are very disappointed by the US move, especially considering the deep and longstanding friendship between our two countries. These are not actions one does to a friend," he said. 

In a ministerial statement, he announced that the Singapore government will set up a taskforce chaired by Deputy Prime Minister Gan Kim Yong to help businesses and workers address immediate uncertainties, strengthen their resilience, and better adapt to the new economic environment.

The taskforce will include the Singapore government's economic agencies, the Singapore Business Federation, the Singapore National Employers Federation, and the National Trades Union Congress.

"We will continue to monitor developments closely. The government stands ready to do more, if and when necessary," he said.

Overnight, US President Donald Trump threatened an additional 50 per cent tariffs on US imports from China if Beijing did not withdraw its 34 per cent retaliatory tariff on US products.

Singapore has been hit by a baseline 10 per cent tariff, much lower than what has been imposed on its Southeast Asian neighbours, but Mr Wong has said that Singapore must brace itself for more shocks to come.

"The likelihood of a full-blown global trade war is growing," he said in a video statement released last Friday.

"Singapore will take a bigger hit than others, because of our heavy reliance on trade," he warned.

However, Singapore is "more ready than many other countries" to face what lies ahead thanks to its reserves, cohesion and resolve, he added.

"The road ahead will be harder. But if we stay resolute and united, Singapore will continue to hold its own in this troubled world," Mr Wong said.