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Singapore Launches Task Force to Address U.S. Tariffs and Economic Risks

The Economic Resilience Taskforce, led by Deputy Prime Minister Gan Kim Yong, convenes to tackle immediate challenges and long-term strategies as the U.S.-China trade war heightens global uncertainty.

Singapore's Prime Minister Lawrence Wong speaks during a signing ceremony and press conference at the Government House, in Bangkok, Thailand, November 28, 2024. REUTERS/Athit Perawongmetha/File Photo
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Singapore's Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong addresses the U.S tariffs in the first Singapore Economic Resilience Taskforce meeting in Singapore April 16, 2025. REUTERS/Edgar Su/File Photo
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Overview

  • The Singapore Economic Resilience Taskforce held its first meeting on April 16, focusing on communication, immediate support, and long-term economic strategies.
  • U.S. tariffs, including a 10% baseline rate on Singaporean goods, are expected to impact domestic jobs, wages, and economic growth, with recession risks flagged by government leaders.
  • Singapore’s Ministry of Trade and Industry has downgraded its 2025 GDP growth forecast to 0%-2%, citing the tariffs and broader global trade disruptions as key factors.
  • The task force includes five ministers and business and labor representatives, aiming to support businesses, workers, and the broader economy through targeted measures and fiscal resources.
  • Singaporean officials are in active negotiations with the U.S. to clarify the scope of the tariffs, while exploring ways to diversify supply chains and strengthen the nation's global trade position.