Singapore PM Wong pledges support for businesses hit by US tariffs, promises economic relief
SINGAPORE, May 10 — Singapore's Prime Minister Lawrence Wong said that addressing the economic situation and its impact on Singaporeans will be a key priority for his newly-elected government.
Wong, who is also finance minister, said the Singapore Economic Resilience Task Force chaired by Deputy Prime Minister Gan Kim Yong has been actively meeting to develop the country's response plans.
'They will provide further updates when ready. DPM Gan is also continuing his discussions with US counterparts, exploring constructive ways to further our trade relations with America,' Wong said in a video uploaded to his YouTube channel, on Friday.
Wong acknowledged growing concerns within the business community, citing findings from a recent Singapore Business Federation (SBF) survey.
'The survey found that four in five Singapore businesses are negatively impacted by the US tariffs, three in four project their revenues to decrease, and one in two say that they are holding back on new hiring in the next three months,' he noted.
To mitigate the impact on jobs and prices, Wong said the government will begin rolling out a series of support measures announced in this year's Budget, including corporate tax rebate and cash grant which will be paid out this month.
The prime minister said he is also focused on forming a renewed and strengthened team in the government to better serve the people and secure their future in these troubled times.
'The election results have made it clear that Singaporeans want a team that combines experience with fresh perspectives to take our country forward,' he said.
Wong led the ruling People's Action Party (PAP) to a resounding victory in the May 3 general election — securing 87 out of 97 parliamentary seats, including five uncontested walkovers. — Bernama
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