Ministerial statement: Lawrence Wong on US tariffs and implications for Singapore

Singapore is setting up a task force to help businesses and workers address immediate uncertainties and better adapt to the new global economic environment brought on by sweeping US tariffs. Chaired by Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong, it will involve Singapore’s economic agencies, business and employers’ federations and labour movement. This was announced by Prime Minister and Finance Minister Lawrence Wong in parliament on Tuesday (Apr 8). Mr Wong said Singapore may or may not go into recession this year, but he has no doubt that growth will be significantly impacted. For now, he said measures announced in Budget 2025 will provide support for any short-term strains, but the situation is fluid and can change quickly. Mr Wong gave the assurance that the government is ready to do more, if and when necessary. Singapore must also redouble its efforts to remain a key node in global flows, and will forge closer ties with like-minded partners who share a commitment to open and free trade. Mr Wong said he touched base with his UK counterpart and has more conversations lined up in the coming weeks. In particular, Singapore will strengthen collaboration and integration within ASEAN. Mr Wong has spoken with the prime minister of Malaysia, which is ASEAN Chair this year. A special ASEAN Economic Ministers’ Meeting will be convened this week to discuss how to further strengthen intra-ASEAN trade.