Singapore to form task force to tackle fallout from US tariffs
The task force will focus on communication and information sharing. For instance, it will gather information from private sector representatives on the challenges that businesses are facing on the ground and how the Government can support them.
Information sharing and communication and transparency will be a key focus of Singapore's new task force. (Photo: straitstimes.com
Hanoi (VNA) ꦗ– Singapore will form a national task force to support businesses and workers in response to sweeping new US tariffs that could slow economic growth and impact jobs and wages, Prime Minister Lawrence Wong said on April 8.
Wong told the parliament that the task force, chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, will include representatives from Singapore's economic agencies, the Singapore Business Federation, the Singapore National Employers Federation and the National Trades Union Congress.
Gan said the task force will focus on communication and information sharing. For instance, it will gather information from private sector representatives on the challenges that businesses are facing on the ground and how the Government can support them.
At the same time, the Government is reaching out to Singapore’s trading partners to share information and its assessment of the situation, as well as find different ways of working together, he added./.
A flash survey by the American Chamber of Commerce (AmCham) in Singapore showed that more than two-thirds of the 36 respondents polled flagged potential reciprocal tariffs on countries that tax US imports as the biggest concern for their business – compared to existing trade measures.
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