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Ministerial Statement by PM Lawrence Wong on the US Tariffs and Implications
總理兼財政部長 Lawrence Wong 於 2025 年 4 月 8 日就美國關稅及其影響發表部長聲明。
議長先生
我們早就知道世界處於不斷變化之中。熟悉的路標正在逐漸消失。但新的全球體係的輪廓尚未形成。
因此，我們正處於過渡時期——不確定、不穩定且越來越不穩定。
美國最近宣布的“解放日”關稅證實了這一嚴峻現實：基於規則的全球化和自由貿易時代已經結束。
這標誌著一個深刻的轉折點。我們正在進入全球事務的新階段——一個更加武斷、保護主義和危險的階段。
二戰結束近 80 年來，美國一直是世界自由市場經濟的支柱。它倡導自由貿易和開放市場，並領導建立多邊貿易體係的努力。
這一世貿組織體係開啟了數十年的全球增長和穩定。它使貿易蓬勃發展，使數百萬人擺脫了貧困。它造福了世界——也為美國自身的經濟實力做出了貢獻。
客觀地說，美國繼續享有無與倫比的經濟實力。事實上，美國從新冠疫情中恢複的速度比其他發達經濟體更快；它已經遠遠超過了發達工業世界的所有主要競爭對手。
但並非所有美國人都對他們的經濟有這種感覺。曾經繁榮的美國工業帶上，有些城鎮被掏空了。有些工人的工作消失了，收入停滯不前。他們認為美國經濟從根本上崩潰了。
早在 1990 年代，抗議者擾亂了西雅圖的世貿組織會議，不滿情緒就已顯而易見。
2008 年全球金融危機以及最近的新冠疫情之後，人們的不滿情緒進一步加深。
需要明確的是：全球經濟體係需要改革。
新加坡和許多其他國家都呼籲變革。
我們一直在與誌同道合的國家和世貿組織的合作夥伴合作，改革其流程。
美國的一個主要擔憂是中國——他們認為美國在允許中國加入世貿組織時做出了太多讓步；中國以不公平的方式競爭，例如，大量補貼本國企業、設置非關稅壁壘，並限製美國企業的市場準入。
這些問題應在世貿組織框架內解決。
特別是，過去中國僅占世界經濟 5% 時做出的貿易安排和讓步應該在中國占世界 GDP 15% 時更新。
如果有分歧，應該通過 WTO 的爭端解決機製來解決，該機製已經癱瘓，急需恢複和改革。
但美國現在所做的不是改革。它拒絕了自己創建的係統。
美國對幾乎所有國家的進口產品征收 10% 的關稅。除此之外，它還對某些國家征收更高的關稅——高達 50%，尤其是那些對美國有貿易順差的國家。
據政府稱，征收全麵關稅是為了解決美國的貿易失衡問題。但貿易逆差本身並沒有錯。它隻是意味著美國消費者從世界購買的東西比世界從美國購買的東西多。
此外，關注的焦點一直隻集中在商品貿易上。這隻是部分情況。事實上，美國與其許多貿易夥伴在服務方麵都有順差——出口軟件服務、教育、娛樂、金融和商業服務。但這一事實被完全忽視了。
就新加坡而言，我們與美國簽訂了自由貿易協定。我們對美國進口產品征收零關稅，而且我們實際上對美國存在貿易逆差——這意味著我們從美國購買的產品比他們從我們這裏購買的多。
如果關稅真的是互惠的，如果這些關稅隻針對那些貿易順差的國家，那麽新加坡的關稅就應該是零。
但我們仍然要繳納 10% 的關稅。我們對美國的舉動感到非常失望，尤其是考慮到我們兩國之間深厚而悠久的友誼。這不是對朋友的行為。
亞洲首當其衝地受到美國關稅上調的影響。
在該地區，中國受到的打擊最嚴重——本輪關稅高達 34%。這還不包括過去兩個月征收的 20% 關稅，以及特朗普第一屆政府征收的 20% 關稅。因此，綜合起來，美國對中國產品的平均關稅現在超過 60%。
在東南亞，關稅稅率從 10% 到 49% 不等。
這些措施將加速全球經濟的分裂。
資本和資本流動不再基於經濟效率，而是
貿易將越來越多地基於政治結盟和戰略考慮而轉移。
幾位成員詢問了關稅對新加坡特定行業的影響。我們正在仔細評估形勢。但我們更深層次的擔憂不是這些企業麵臨的直接影響。而是對全球貿易體係和世界經濟的更廣泛影響。讓我來解釋一下。
首先，“互惠”關稅從根本上拒絕了世貿組織規則。
世貿組織多邊貿易體係的基石之一是最惠國 (MFN) 原則。最惠國聽起來像是給予特殊特權。實際上，它的意思恰恰相反：每個成員都必須平等對待所有其他成員。換句話說，如果一個國家對一個貿易夥伴提供更優惠的條件或施加額外限製，它必須對所有其他世貿組織成員也這樣做。
最惠國規則有一些豁免和例外，例如允許自由貿易協定。但最惠國長期以來一直是多邊貿易體係的基石。它確保公平的競爭環境，防止歧視，使各國——無論大小——都能在全球市場上公平競爭。這有助於實現一百多個世貿組織成員國之間的貿易自由化，每個成員國都有不同的經濟、政治和社會關切。
美國的新關稅製度完全否定了最惠國待遇原則。它為基於單方麵偏好的選擇性國與國貿易關係打開了大門。
如果其他國家采取與美國相同的做法，基於規則的貿易體係將會瓦解。這將給所有國家帶來麻煩。但像新加坡這樣的小國將麵臨更大的壓力。因為小國在一對一雙邊談判中的討價還價能力有限。因此，大國將決定條款，我們麵臨被邊緣化和排擠的風險。
其次，爆發全麵全球貿易戰的可能性正在增加。
新加坡決定不征收報複性關稅。這樣做隻會導致新加坡人的成本增加。但其他國家可能不會考慮同樣的問題，可能會有不同的看法和觀點。
中國已經對美國商品征收了報複性關稅。
歐盟等其他國家正在考慮下一步行動。
有些人認為，新的關稅是一種談判策略——美國用來在其他領域獲得讓步的談判工具。這正是理查德·尼克鬆總統在 1971 年所做的——他對進口產品征收 10% 的附加稅，以迫使德國和日本貶值本國貨幣，而當這兩個國家這樣做時，關稅就取消了。
事實上，在更高的關稅稅率生效之前，各國有一段短暫的談判窗口期，可以從美國獲得一些喘息機會，一些稅率也有可能降低。
但我們必須現實一點。貿易壁壘一旦建立，往往會一直存在。撤銷它們要困難得多，即使最初的理由不再適用。
即使最終達成部分協議，如此激烈的舉措產生的不確定性也會削弱全球信心和增長。恢複之前的現狀將非常困難。
尤其是，10% 的普遍稅率似乎不容談判。這似乎是固定的最低關稅，與一個國家的貿易平衡或現有的貿易安排無關。
此外，還有其他力量可以維持關稅的勢頭。
尤其是，許多歐洲國家渴望保護其關鍵行業，如電動汽車、綠色技術和半導體，免受中國競爭。他們不想成為中國或其他國家出口產品的傾銷地。
西方各國也在日益努力加強國內製造能力，減少對全球供應鏈的依賴，尤其是在戰略行業。
因此，美國此輪關稅上調可能隻是全球更多關稅上調的開始。我們以前就見過這種情況。
1930 年，美國通過《斯姆特霍利關稅法案》全麵提高關稅。
許多國家提出抗議，一些國家則以貿易限製和關稅作為報複。
這加深並延長了大蕭條。
從某些方麵來看，今天的風險可能更大。
如果全麵實施，美國的新關稅將高於《斯姆特霍利關稅法案》中的關稅。
與 20 世紀 30 年代相比，貿易現在已成為美國和全球經濟的重要組成部分。
供應鏈的聯係也比當時更加緊密。
任何貿易流動中斷都會對世界產生更廣泛的連鎖反應。
這讓我想到了第三點，即對全球經濟的影響。商業和消費者信心已經受到關稅的打擊。國際貿易和投資將受到影響。我們的經濟機構與幾家跨國企業和當地企業取得了聯係
關稅宣布後，所有企業都開始擔心。即使是那些沒有直接受到關稅影響的企業也擔心消費者需求減弱。一些企業暫停了新項目，同時評估關稅的全部影響。
這些都是來自這裏的公司的反應。但我確信其他地方的董事會也在進行同樣的對話。
最近幾天，我們看到全球股市出現了強烈的負麵反應。現在判斷這一切是否會蔓延到實體經濟還為時過早。
但下行風險顯然正在上升。
令人不安的不僅僅是關稅本身——這已經造成了破壞——而且這一波新的保護主義是不可預測和不穩定的。保護主義已經很糟糕了——不穩定的保護主義更糟糕。
企業不知道會發生什麽。許多企業都在猶豫，擔心規則的改變會讓他們的資產陷入困境。
所有這些都創造了一個充滿不確定性的環境——可能使美國和全球經濟陷入衰退。
後果遠遠超出了經濟範圍。
越來越多的國家正在遠離雙贏合作和深度融合。
相反，我們看到一種“我優先”、非贏即輸的心態正在興起——每個國家都隻顧自己。有些國家甚至準備使用侵略性或脅迫性手段，以犧牲他人為代價來獲得自己想要的東西。
與此同時，全球機構正在變得越來越弱，長期存在的合作規範正在瓦解。
一個主要問題是中美關係。美國將中國視為戰略競爭對手和威脅，必須趁美國仍然占優勢時立即應對。中國表示，它已準備好打一場關稅戰、貿易戰或任何其他類型的戰爭。美國現在威脅要對中國征收額外的 50% 關稅，中國表示將戰鬥到底。對話渠道越來越少，而對話可以作為管理兩國關係的護欄。因此，如果爭端升級並破壞中美關係，對世界的影響將是災難性的。
我們必須做好心理準備。我們曾經知道的可預測和基於規則的秩序正在逐漸消失。新時代將更加動蕩，衝擊將更加頻繁和不可預測。無論外部風向如何，我們都必須準備好堅定立場，保護我們的利益。
這一切對新加坡意味著什麽？
短期內，我們預計全球經濟增長將減弱，這意味著對我們的商品和服務的外部需求將下降。
我們經濟的外向型行業將首當其衝。它們包括製造業，特別是電子和半導體等細分市場；生物醫學科學，這些行業對美國的出口額較高。批發貿易和運輸將受到影響。全球不確定性和低迷的情緒也將影響一些服務業，包括金融和保險。
新加坡今年可能會也可能不會陷入衰退。但我毫不懷疑我們的增長將受到重大影響。
我們最初預計 2025 年的 GDP 增長率為 1% 至 3%。MTI 正在重新評估增長預測，並可能將其下調。
增長放緩意味著就業機會減少，工人的工資增長幅度較小。如果更多公司麵臨困難或將業務遷回美國，裁員和失業人數將會增加。
目前，今年預算中宣布的措施將為任何短期壓力提供支持。
我們為家庭和個人提供了一整套措施。
他們將獲得 CDC 代金券、SG60 代金券和 U-Save 回扣，以幫助他們支付生活費用。還有針對性措施，例如增加針對弱勢群體的 ComCare 援助。
我們還通過投資 SkillsFuture 來支持工人。那些被迫失業的人將通過本月晚些時候開始的 SkillsFuture 求職者支持計劃獲得幫助，重新站起來。
我們還在預算中推出了幫助企業的措施——包括通過企業所得稅退稅提供的短期支持措施，以及提高生產力和競爭力並轉向新市場的計劃。我們的經濟機構也在與受關稅影響的公司接觸，以更好地了解他們的反應，看看我們如何支持他們，並幫助他們解決他們麵臨的任何具體問題。
然而，形勢瞬息萬變。
因此，我們將成立一個由副總理顏金勇主持的工作組，幫助企業和工人應對眼前的不確定性，增強他們的應變能力，更好地適應新的經濟環境。
除了我們的經濟機構外，工作組還將包括新加坡工商聯合會、新加坡全國雇主聯合會和全國職工總會。
我們將繼續密切關注事態發展。政府隨時準備做更多的事情，
並在必要時。我們擁有這樣做的資源，因為我們幾十年來一直保持著財務紀律和審慎態度。
在這種新環境下，新加坡必須加倍努力，繼續成為全球流動的關鍵節點和值得信賴的商業中心。
我們將與誌同道合、同樣致力於開放和自由貿易的合作夥伴建立更緊密的聯係。
美國可能已決定轉向保護主義。但世界其他國家不必走同樣的道路。我們將確定其他合作夥伴加入我們，並圍繞這一問題開展工作——確保彈性並維護多邊體係的關鍵部分，同時為以後可能實現的新的和不同的全球體係奠定基礎。
這就是為什麽我努力與不同國家的同行接觸和拜訪。我昨天與英國首相基爾·斯塔默進行了接觸，並計劃在未來幾周進行更多對話。他們都渴望與新加坡開展更多合作，並擴大我們的經濟合作，包括數字和綠色經濟等新領域。
特別是，我們將加強東盟內部的合作和一體化。
上周五，我與馬來西亞總理安瓦爾·易卜拉欣進行了交談。馬來西亞也是今年的東盟主席國。我們同意加快東盟一體化進程，使本地區更具吸引力和競爭力。
本周晚些時候將召開東盟經濟部長特別會議。他們將討論東盟如何進一步合作加強東盟內部貿易，並發出東盟致力於區域經濟一體化的強烈信號。
作為一個整體，東盟還將繼續加強與誌同道合的夥伴在共同感興趣的領域的聯係。
議長先生，我們正在進入一個變化的世界。新加坡度過這場風暴的唯一方法是保持團結——集中我們的資源、韌性和決心。
政府將盡一切努力帶領新加坡渡過難關，確保不讓任何人掉隊。
我們將保持經濟開放、社會凝聚力和機構強大。
我們將為企業和投資者創造新的價值主張。
在需要時，我們將采取大膽果斷的行動，確保新加坡繼續取得成功。
最重要的是，我們將把新加坡和新加坡人的利益放在我們所做的一切的中心。
未來的道路將更加艱難。危險是真實存在的。但我們的決心也是如此。在許多方麵，我們比六十年前獨立時處於更好的位置。
我們已經建立了深厚的儲備作為戰略緩衝。
我們建立了一個強大的契約，建立在團結和相互信任的基礎上。
最重要的是，我們擁有我們的聰明才智、我們的勇氣和膽量——一種永不言敗的精神，它幫助我們度過了每一次危機，並將帶領我們度過未來的危機。
因此，議長先生，我要對本院和新加坡同胞說——不要害怕。現在，我們將比以往任何時候都更加堅定和團結。我們的小紅點將繼續閃耀。在這個黑暗而動蕩的世界，新加坡將堅守陣地，成為穩定、目標和希望的燈塔。
謝謝您，先生。
Ministerial Statement by PM Lawrence Wong on the US Tariffs and Implications
Ministerial statement by Prime Minister and Minister for Finance Lawrence Wong on the US tariffs and their implications on 8 April 2025.
Mr Speaker
We have known for some time that the world is in flux. The familiar signposts are fading. But the contours of a new global system have yet to take shape.
So we are in a period of transition – uncertain, unsettled and increasingly unstable.
The recent “Liberation Day” tariff announcements by the US confirms this stark reality: the era of rules-based globalisation and free trade is over.
This marks a profound turning point. We are entering a new phase in global affairs – one that is more arbitrary, protectionist and dangerous.
For nearly 80 years since the end of World War Two, America was the anchor for the free market economies of the world. It championed free trade and open markets, and led efforts to build a multi-lateral trading system.
This WTO system ushered in decades of global growth and stability. It allowed trade to flourish and lifted millions out of poverty. It benefited the world – and contributed to America’s own economic strength.
And objectively, America continues to enjoy unrivalled economic heft. In fact, the US rebounded more quickly than other advanced economies from the Covid pandemic; it has surged ahead of all its major competitors in the advanced industrial world.
But not all Americans feel this way about their economy. There are hollowed-out towns in what was once America’s thriving industrial belt. There are workers whose jobs have disappeared, and whose incomes have stagnated. They believe that the American economy is fundamentally broken.
Discontent was already visible in the 1990s, when protestors disrupted the WTO meeting in Seattle.
Frustrations deepened following the Global Financial Crisis of 2008, and more recently, after the Covid pandemic.
To be clear: the global economic system is in need of reform.
Singapore and many others have called for changes.
And we have been working with like-minded countries and partners at the WTO to reform its processes.
A key concern in America is China – the sense that the US had given away too much in allowing China to join the WTO; and that China competes on an unfair basis, for example, by heavily subsidising its own companies, putting up non-tariff barriers, and restricting market access to US firms.
These concerns should be addressed within the WTO framework.
In particular, the trade arrangements and concessions made in the past when China was only 5% of the world’s economy should be updated when China now makes up 15% of the world’s GDP.
And if there are disagreements, they should be resolved through the WTO’s dispute settlement system, which has been paralysed, and urgently needs to be restored and reformed.
But what the US is doing now is not reform. It is rejecting the very system it created.
The US has imposed a blanket 10% tariff on imports for nearly all countries. On top of that, it has layered on higher tariffs – up to 50% – for selected countries, especially those that run a trade surplus with the US.
According to the administration, the sweeping tariffs are needed to fix America’s trade imbalances. But there is nothing inherently wrong about running a trade deficit. It simply means that American consumers are buying more from the world, than the world is buying from America.
Moreover, the focus has been solely on the goods trade. That only gives a partial picture. In fact, the US runs a surplus with many of its trading partners in services – exporting software services, education, entertainment, financial and business services. But this fact has been completely ignored.
In Singapore’s case, we have an FTA with America. We impose zero tariffs on US imports, and we actually run a trade deficit with the US – meaning we buy more from them than they do from us.
If the tariffs were truly reciprocal, and if they were meant to target only those with trade surpluses, then the tariff for Singapore should be zero.
But still we are being subjected to the 10% tariff. 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.
Asia bears the brunt of the US tariff increases.
Within the region, China is the hardest hit – facing a 34% tariff this round. And this is on top of the 20% tariff increase imposed over the last 2 months, and the 20% from the first Trump administration. So taken together, the average US tariff on Chinese products now exceeds 60%.
In Southeast Asia, the tariff rates range from 10% to 49%.
These measures will accelerate the fracturing of the global economy.
Instead of flowing based on economic efficiency, capital and trade will increasingly be diverted based on political alignment and strategic considerations.
Several members have asked about the impact of the tariffs on specific industries in Singapore. We are assessing the situation carefully. But our deeper worry is not the direct impact that these businesses face. It is the wider implications for the global trading system and the world economy. So let me explain.
First, the “reciprocal” tariffs are a fundamental rejection of the WTO rules.
One of the cornerstones of the WTO multilateral trading system is the Most Favoured Nation (MFN) principle. Most Favoured Nation sounds like giving special privileges. Actually, it means the opposite: that every member must treat all other members equally. In other words, if a country extends more favourable terms or imposes additional restrictions to one trading partner, it must do the same to all other WTO members.
There are some carve outs and exceptions to the MFN rule, for example to allow free trade agreements. But MFN has long been the bedrock of the multilateral trading system. It ensures a level playing field, prevents discrimination, and enables countries – big or small – to compete fairly in global markets. This has helped to liberalise trade amongst more than a hundred WTO members, each with different economic, and political and social concerns.
America’s new tariff regime is a complete repudiation of the MFN principle. It opens the door to selective country-by-country trade relationships, based on unilateral preferences.
If other countries adopt the same approach as the US, the rules-based trading system will unravel. This will spell trouble for all nations. But smaller countries like Singapore will face greater pressures. Because small countries have limited bargaining power in one-on-one bilateral negotiations. So the major powers will dictate the terms, and we risk being marginalised and sidelined.
Second, the likelihood of a full-blown global trade war is growing.
Singapore has decided not to impose retaliatory tariffs. Doing so will only lead to increased costs for Singaporeans. But other countries may not be guided by the same considerations and may have different perceptions and views.
China has already imposed retaliatory tariffs on US goods.
Others, like the European Union, are considering their next steps.
Some think that the new tariffs are a negotiating tactic – a negotiating tool by the US to extract concessions in other areas. This was what President Richard Nixon did in 1971 – he slapped a 10% surcharge on imports to pressure Germany and Japan to devalue their currencies, and when they did, the tariffs came off.
Indeed, there is a brief window for countries to negotiate and get some reprieve from the US before the higher tariff rates take effect, and it may be possible for some rates to be lowered.
But we have to be realistic. Once trade barriers go up, they tend to stay up. Rolling them back is much harder, even after the original rationale no longer applies.
Even if some partial accommodations are eventually worked out, the uncertainty generated by such a drastic move will dampen global confidence and growth. It will be very hard to restore the previous status quo.
And in particular, it does not look like the 10% universal rate is open for negotiation. This seems to be the fixed minimum tariff, regardless of a country’s trade balance or existing trade arrangements.
Furthermore, there are other forces that could maintain the momentum for tariffs.
In particular, many European countries are eager to protect their critical industries like electric vehicles, green technologies and semiconductors from Chinese competition. They do not want to be a dumping ground for exports from China or other countries.
There is also a growing push across the West to strengthen their domestic manufacturing capabilities and reduce dependence on global supply chains, especially in strategic industries.
So this round of tariff increases by the US may just be the beginning of more increases to come globally. And we have seen this play out before.
The US enacted sweeping tariff increases through the Smoot-Hawley Act in 1930.
Many countries protested, and a number retaliated with their own trade restrictions and tariffs.
This deepened and extended the Great Depression.
In some ways, today’s risks may be greater.
The new US tariffs, if fully enacted, are higher than the ones in Smoot-Hawley.
Trade is now a much bigger part of the American and global economy compared to the 1930s.
Supply chains are also more deeply connected than they were back then.
Any disruption to trade flows will have wider knock-on effects on the world.
This brings me to the third point, which is the impact on the global economy. Business and consumer confidence has already been hit by the tariffs. International trade and investments will suffer. Our economic agencies got in touch with several multinational enterprises and local businesses after the tariff announcement. Even those who were not directly affected by the tariffs are worried about weakening demand from their consumers. Some have put new projects on hold while they assess the full implications of the tariffs.
These are reactions from companies based here. But I am sure the same conversations are happening in boardrooms elsewhere.
Over the recent days, we have seen sharp negative reactions in global stock markets. It is too early to tell if all this will spill over into the real economy.
But the downside risks are clearly rising.
What is troubling is not just the tariffs themselves – which are already damaging – but the fact that this new wave of protectionism is unpredictable and unstable. Protectionism is already bad – unstable protectionism is even worse.
Businesses do not know what to expect. Many are holding back, fearful that changing rules will leave them with stranded assets.
And all this creates an environment of deep uncertainty – one that could tip both the US and global economy into recession.
The consequences extend far beyond economics.
More and more, countries are turning away from win-win cooperation and deeper integration.
Instead, we see a rising “me first”, win-lose mindset – where it is every country for itself. Some are even prepared to use aggressive or coercive means to get what they want at the expense of others.
Meanwhile, global institutions are getting weaker, and longstanding norms of cooperation are breaking down.
One major concern is the US-China relationship. America views China as a strategic competitor and threat, which must be dealt with now while America still has the advantage. China says it is ready for a tariff war, a trade war, or any other type of war. The US has now threatened an extra 50% tariff on China, and China says it will fight till the end. There are fewer channels for dialogue, which can serve as guard-rails to manage the relationship. So if the disputes escalate and destabilise US-China relationship, the consequences for the world would be disastrous.
We must be mentally prepared. The predictable and rules-based order we once knew is fading. The new era will be more volatile, with more frequent and unpredictable shocks. We must be ready to stand firm, and protect our interests, no matter how the external winds may blow.
What does all this mean for Singapore?
In the near term, we expect weaker global growth, which means external demand for our goods and services will fall.
The outward-oriented sectors of our economy will suffer the brunt of the impact. They include manufacturing, especially segments like electronics and semiconductors; biomedical science, which have higher export exposure to the US. Wholesale trade and transport will be impacted. The global uncertainty and dampened sentiments will also impact some services industries, including finance and insurance.
Singapore may or may not go into recession this year. But I have no doubt that our growth will be significantly impacted.
We had originally projected GDP growth of 1 to 3% for 2025. MTI is reassessing the growth forecast, and will likely revise it downwards.
Slower growth will mean fewer job opportunities and smaller wage increases for workers. And if more companies face difficulties or relocate their operations back to the US, there will be higher retrenchments and job losses.
For now, the measures announced in this year’s Budget will provide support for any short-term strain.
We have a comprehensive package of measures for households and individuals.
They will receive CDC vouchers, SG60 vouchers and U-Save rebates to help with their cost of living. And there are targeted measures like increased ComCare Assistance for the more vulnerable groups.
We are also supporting workers through investments in SkillsFuture. And those who find themselves involuntarily unemployed will receive help to get back on their feet through the SkillsFuture Jobseeker Support which will start later this month.
We have also rolled out measures in the Budget to help businesses – there are short-term support measures through corporate income tax rebates, as well as schemes to boost their productivity and competitiveness, and to pivot to new markets. Our economic agencies are also engaging the firms impacted by the tariffs to better understand their responses, and see how we can support them, and assist them with any specific issues they face.
Nevertheless, the situation is fluid and can change quickly.
We will therefore set up a Taskforce chaired by DPM Gan Kim Yong to help businesses and workers address the immediate uncertainties, strengthen their resilience, and better adapt to the new economic environment.
In addition to our economic agencies, the taskforce will include the Singapore Business Federation, the Singapore National Employers Federation, and the NTUC.
We will continue to monitor developments closely. The government stands ready to do more, if and when necessary. We have the resources to do so because of the financial discipline and prudence we have exercised over the decades.
In this new environment, Singapore must redouble our efforts to remain a key node in global flows, and a trusted business hub.
We will forge closer links with like-minded partners who share our commitment to open and free trade.
The US may have decided to turn protectionist. But the rest of the world does not have to follow the same path. We will identify other partners to join us and work around this – to ensure resilience and maintain critical parts of the multilateral system, while laying the foundations for a possible new and different global system that can be achievable later.
And this is why I have made the effort to engage and visit my counterparts in different countries. I touched base with the UK Prime Minister Keir Starmer yesterday and have a few more conversations lined up in the coming weeks. They are all keen to do more with Singapore, and to expand our economic cooperation including in new areas like the digital and green economies.
In particular we will strengthen our collaboration and integration within ASEAN.
Last Friday, I spoke with Malaysian Prime Minister Anwar Ibrahim. Malaysia is also the ASEAN Chair this year. We agreed to accelerate ASEAN’s integration efforts to make our region more attractive and competitive.
A Special ASEAN Economic Ministers’ Meeting will be convened later this week. They will discuss further ways that ASEAN can work together to strengthen intra-ASEAN Trade, and to send a strong signal of ASEAN’s commitment to regional economic integration.
As a group, ASEAN will also continue to strengthen our links with like-minded partners in areas of mutual interest.
Mr Speaker, we are entering a changed world. The only way Singapore can make it through the gathering storm is to stay united – pool our resources, our resilience and our resolve.
The government will do everything we can to steer Singapore through the choppy waters, and make sure no one is left behind.
We will keep our economy open, our society cohesive and our institutions strong.
We will create new value propositions for businesses and investors.
We will act boldly and decisively, when needed, to ensure Singapore continues to succeed.
Above all, we will put the interests of Singapore and Singaporeans at the centre of everything we do.
The road ahead will be harder. The dangers are real. But so too is our determination. In many ways, we are in a better position than we were sixty years ago when we became independent.
We have built deep reserves as a strategic buffer.
We have forged a strong compact, built on solidarity and trust in each other.
And most of all, we have our ingenuity and wit, our grit and gumption – a never say die spirit that has seen us through every crisis, and will carry us through the ones to come.
So Mr Speaker, I say to this House and to fellow Singaporeans – do not fear. Now, more than ever, we will stay resolute and united. Our little red dot will continue to shine. In a dark and troubled world, Singapore will hold our ground as a beacon of stability, purpose and hope.
Thank you Sir.
