Singapore sets up national taskforce to safeguard jobs amid US tariff impact

In response to new US tariffs that threaten local businesses and employment, Singapore has launched a national task force aimed at helping organisations and employees navigate the economic uncertainty.

The Singapore Economic Resilience Taskforce, announced earlier this month by Prime Minister Lawrence Wong, convened its first meeting on April 16 under the leadership of Deputy Prime Minister Gan Kim Yong.

The task force will focus on three key work streams: ensuring regular communication with stakeholders, addressing immediate challenges on the ground, and developing long-term strategies to reinforce Singapore’s economic resilience.

The move follows the US administration’s decision on April 2 to impose a 10% baseline tariff on all Singapore-origin goods entering the country—part of a wider tariff hike impacting several of the US’ trading partners. The Ministry of Trade and Industry has since revised Singapore’s 2025 GDP growth forecast downward to a range of 0-2%, citing the likely drag on exports and business confidence.

The first work stream, led by Minister for Communications and Information Josephine Teo, will focus on establishing regular three-way dialogue among the government, businesses, and employees. This includes real-time updates on developments and helping stakeholders make sense of the rapidly evolving situation.

She said, “The antidote to confusion is sense-making. This means we must try and turn the noise we pick up into insight. And out of this insight, to try and charge a path through the uncertainty.”

The second work stream aims to address immediate pain points faced by both businesses and employees. It will review and adapt existing government support measures, including potential financial assistance, to help organisations weather the storm.

Co-led by Labour Chief Ng Chee Meng and Singapore National Employers Federation President Tan Hee Teck, the work stream is also urging employers to retain talent through flexible workforce strategies rather than retrenchments.

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“In the uncertainties ahead, we hope organisations can take a more flexible approach other than retrenchment to preserve talent and strengthen future capabilities,” said Ng. Tan added, “It is critical to continue investing in our workforce and relevant skills so that we are better positioned to weather the challenges ahead.”

The third work stream will focus on medium- to long-term resilience. It will explore new markets and innovative ways for Singapore-based organisations to grow internationally. The group also aims to bolster Singapore’s position as a global trade, finance, air, and sea hub.

Minister for National Development Desmond Lee, who co-leads the third work stream, noted that economic resilience is not only about withstanding adversity, but also transforming through it and thriving, reported The Straits Times.