Gov't scrambles to shield businesses as US tariff shockwaves hit—new taskforce deployed in 3-front strategy
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) was launched by the government to support businesses and aid workers in the face of rising costs triggered by US tariffs and the drastic changes within the global market.
According to the latest Singapore Business Review report, the first meeting took place on April 16 and was chaired by Deputy Prime Minister (DPM) Gan Kim Yong. The task force includes representatives of different business sectors and labour unions.
The task force also has Ministers Desmond Lee (National Development and Social Services Integration), Josephine Teo (Digital Development and Information, Home Affairs), Tan See Leng (Manpower, Trade and Industry), and Chee Hong Tat (Transport, Finance), Singapore Business Federation chairman Lim Ming Yan, National Trades Union Congress (NTUC) secretary-general Ng Chee Meng, and Singapore National Employers Federation (SNEF) president Tan Hee Teck.
The initiative resulted when the Ministry of Trade and Industry reduced Singapore's 2025 gross domestic product (GDP) estimate to between zero and 2%, echoing fears over outside trade risks and latent disturbances in important sectors. What is the task force for?
According to a recent Asian Briefing story, SERT has three core focus areas.
The first, directed by Minister Josephine Teo and Mark Lee, concentrates on instantaneous data collection/assembly and business engagement. This guarantees that the government remains receptive to advances and changes and is aligned with industry requirements.
The second workstream, supervised by Minister Tan See Leng and leaders from NTUC and SNEF, is targeted at aiding businesses and workers to adjust to abrupt challenges.
The third stream, run by Ministers Desmond Lee and Chee Hong Tat, has a longer-term outlook. It aims to reinforce Singapore's position as an international hub by exploring new growth markets, enhancing affordability and attractiveness, and supporting changes in major industries.
These workstreams aim to promote better communication on support structures and strategies, address business challenges, respond to workforce issues, and develop approaches that could seize fresh opportunities for industries in today's economic landscape.
DPM Gan said that as the government prepares and equips itself to face more unsettled times ahead, it needs to work together and stay cohesive so that Singapore can face the challenges ahead and find new opportunities to flourish.
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