Mr. Wong responded that the government has had similar input from corporations and is concerned that disruptions to businesses and their operations might have an impact on overall financial growth.  ,
” We believe their problems must be addressed right away so that DPM Gan’s work force can continue to join businesses to better understand the full scope of the impact because this situation is also unfolding,” said Mr. Wong.
Mr. Saktiandi Supaat ( PAP-Bishan-Toa Payoh ) inquired about the potential impact of US tariffs on the semiconductor industry and how they would affect employment and growth.
Given that Singapore imports to the US account for 8.9 % of Singapore’s full goods exports, Mr. Gan expressed concern about potential tariffs on the semiconductor industry.
This is” not insignificant,” according to the minister, which equals 0.8 % of Singapore’s total goods exports to the world last year.
According to Mr. Gan, the state has been and will proceed to do so.
Concerning US trade negotiations, MPs like Mr. Liang Eng Hwa ( PAP-Bukit Panjang ) also raised the issue.
Mr. Liang was interested in finding out if the government still has access to senior US officials for tariff conversations and whether the US’s most recent action might have an impact on other intergovernmental initiatives.
Mr. Wong said in his response that Singapore would “actively participate” US administration officials to better understand their concerns about the bilateral trade relationship, “address any misinterpretations,” and “discover the best course of action.”
” Of course, it’s a different account altogether,” he continued,” Of program, if the US decides that the benchmark rate is common across all nations.”
We are continuing to have these discussions with the US management, as well as with other nations, because they have decided that every nation if at least have a 10 % price, and it’s not bilateral. They also have decided that they view the world.
The tariffs, which were announced by US President Donald Trump on April 2, place a universal 10 % tax on all imports into the nation, with even higher rates for nations that are deemed to have” treated the US unfairly”
Singapore is subject to the current 10 % charge, which now imposes no tariffs on US imports.
Mr. Wong noted that in other areas of Singapore’s partnership with the US, both countries have developed a” near relationship” over many years in sectors like security and defense.
These will continue, along with discussions about expanding participation in fields like energy and new solutions.  ,
Therefore, these teamwork areas are still in place, and we sincerely want to do the same for them as well, he said.