Prime Minister Lawrence Wong warned that the new tariffs imposed by the United States will significantly impact Singapore’s economy, potentially reducing growth, limiting job opportunities, and leading to wage stagnation and job losses. While Singapore may avoid a recession, its GDP growth forecast for 2025 is likely to be downgraded. In response, Budget 2025 offers short-term support measures such as CDC and SG60 vouchers, U-Save rebates, increased ComCare assistance, and jobseeker aid through SkillsFuture. A new task force led by Deputy PM Gan Kim Yong will coordinate efforts to help businesses and workers adapt, in collaboration with key economic and labor organizations.
PM Wong emphasized Singapore’s commitment to maintaining its position as a global business hub by deepening ties with like-minded countries and strengthening ASEAN collaboration. He expressed disappointment over the US move, highlighting Singapore’s existing trade deficit with the US and mutual zero-tariff agreement. He noted the broader implications of rising global protectionism and stressed the need for Singapore to remain adaptable and resilient in an increasingly uncertain international trade environment.
View source article here
The Straits Times. (2025, April 10). US tariffs will significantly impact S’pore’s growth; Budget 2025 to help in short term: PM Wong. https://www.straitstimes.com/singapore/politics/us-tariffs-will-significantly-impact-spores-growth-budget-2025-to-help-in-short-term-pm-wong