Task force on US tariffs includes five ministers; will develop immediate and long-term strategies

Longer-term strategies and responses:

The last group will come up with strategies to transform businesses and workers. This will include longer-term efforts to strengthen Singapore’s status as a global hub in air, sea, trade and finance, and ensuring Singapore remains attractive to investors and talent.

Mr Desmond Lee said the task force will work with Singapore’s economic agencies to explore new and innovative ways to help businesses grow, enter new markets and diversify supply chains.

The flow of goods, people and ideas shift and reorientate, and Singapore wants to be ready to seize these opportunities, he said. 

“In this period of uncertainty, we will face challenges, but we can also unlock opportunities to transform our economy and to reposition ourselves globally so that Singapore remains relevant and competitive.”

Mr Gan said there will be pockets of opportunity that Singapore can tap on, and the task force needs to help companies be nimble and continue investing in innovation.

“At the same time, continue to invest in our people so that they can have the skills that are necessary,” he said.