SINGAPORE: Leader of the Opposition Pritam Singh and other opposition Members of Parliament on Tuesday ( Apr 8 ) sought more clarity on the government’s response to sweeping tariffs by the United States.
Speaking after Prime Minister Lawrence Wong’s ministerial statement on the taxes, Mr Singh noted it was still “early time”, but that there had been recommendations to derisking and decoupling in the world market” for some years”.
The Workers ‘ Party key asked whether the administration’s response may involve boosting local consumption and productivity, notwithstanding Singapore’s little domestic market.
” Do we envision significant structural changes in the way the Singapore business is shaped, to deal with the new prospect that we see – which, in the prime minister’s thoughts, is far more uncertain than before”? he asked.
Mr Wong, who is also finance minister, responded that existing capacity building will remain, and that the state will “redouble” work as it has the macroeconomic resources to do so.
In Budget 2025, the government set aside more resources to build capacity in innovation and new technologies, which are key drivers for a” strong, dynamic and vibrant” economy, he said.
The government was also investing in human capital and skills upgrading through SkillsFuture, which is a “key pillar in our social compact”, said Mr Wong.
Earlier, he announced the formation of a task force to support businesses and workers in response to the US tariffs, which could slow economic growth and impact jobs and wages.
” We will continue the review and the monitoring of the global situation, and if there is a need, we will provide further updates to Singaporeans as and when we are ready, and as and when there is a need to”, said Mr Wong.
The task force will be chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and include representatives from economic agencies, unions and the private sector.