Mr. Wong claimed that the world has changed, and that it is not going to change any more in the near future in the current climate of political confusion.
” This is not just about what one nation does,” he said. The truth is that business restrictions are increasing, and the regulations are constantly changing. The conflicts between the big powers, particularly America and China, are and will continue to be high. he said.
He claimed that the two countries ‘ taxes are still sky-high, noting that yet China-built ships entering the US are being taxed.
According to him,” America is also targeting other regional nations that they believe are breaking their rules,” referring to the taxes that have been levied on solar sections from many Southeast Asian nations as high as 3,500 %.
No one can predict how long this “new wind” will continue, according to Mr. Wong, though” no one can predict” how much it might last.
We have to be mentally prepared for the longer term because it’s not going to get a one-year matter, he said.
Mr. Wong cited cost-of-living forces as one example of the difficulties Singapore may face today as an example of the uncertainties.
Price pressure are a trouble that” started earlier because of global prices, problems worldwide, and problems to the global supply chain,” he said.
” Inflation has started to ease everywhere, but these new global trends may lead to even greater disruptions and cost shocks.”
Jobs may even suffer, according to Mr. Wong, who added that he is aware that many people are concerned about this.  ,
A” complete offer” of actions was unveiled in this year’s Budget, he said, to deal with this.
These include steps to lower households ‘ costs, raise workers ‘ wages and advance their careers, and restructure and transform businesses to help them stay competitive.
RAYS OF LIGHT IN THE Wind
Although there are going to be many difficulties, Mr. Wong asserted that this is not all doom and gloom.
There are rays of light – new options for those who are prepared even in the storms that are the saddest. And I want to make sure that every employer in Singapore is prepared,” he said.
Mr. Wong cited the potential benefits that lie ahead as the Asian development history continues to grow, and many Asian nations, including parts of the Middle East, are currently one of the fastest-growing economies.
There is potential in developing nations like Latin America and Africa, but ties to those nations are constrained by their physical distance.
However, he said, more can be done to website up for mutual advantage because Singapore’s model is well-known and valued.
We are constantly looking for new opportunities and openings, said Mr. Wong,” but while others see risks.”
To assist firms and workers in dealing with the effects of severe US tariffs, the Singapore government established a task force led by Deputy Prime Minister Gan Kim Yong and four additional ministers on April 16.
Just two weeks prior, US President Donald Trump imposed a 1 % base import tax on all goods that import from nations all over the world, including Singapore. Numerous of America’s buying companions were subject to more stringent “reciprocal taxes,” with China bearing the brunt.
Trump later announced a 90-day suspension for the higher taxes, but he also increased their tariffs on China, causing a string of tit-for-tat tax increases between the world’s two largest economies.
China has imposed tariffs of 125 per cent on US items, while US import duties on Chinese goods are currently as high as 145 %.
The task force may create further measures as needed, develop short-term support plans, and develop long-term plans to change businesses and workers.
Mr. Wong claimed that he had met numerous multi-national company Directors in recent months and that they saw ability in Asia. They want to expand their appearance in Singapore and are interested in expanding.
They view Singapore as a trustworthy, trustworthy, and trustworthy hotspot for business. But let’s continue this as long as we can because that is our benefit, he said.
The government may assist Singaporean businesses in restructuring and transformation, he said, in addition to attracting new opportunities. He added that they can use a number of government initiatives to boost their transformation, increase productivity, and increase abroad.
According to Mr. Wong, Singapore may guard tripartism, which is exclusive to Singapore.  ,