Latest news with #SingaporeBusinessFederation
CNA
8 hours ago
- Business
- CNA
US 'non-committal' on whether level of tariffs with Singapore will stay at 10 per cent: DPM Gan
SINGAPORE: The US is not ready to discuss potential concessions to the 10 per cent baseline tariff on all goods entering the country, Deputy Prime Minister Gan Kim Yong said on Tuesday (Jul 29). But Singapore has expressed its interest in negotiating that levy, he said in an update on the tariff situation in his first public engagement after returning from a trip to the US from Jul 20 to Jul 26. Mr Gan added that the US was also "non-committal" as to whether the level of tariffs will remain at 10 per cent. He was speaking at an Institute of Policy Studies (IPS) and Singapore Business Federation (SBF) conference, "Global-City Singapore: SG60 and Beyond", in a dialogue moderated by geopolitics editor at The Economist David Rennie. Asked by Mr Rennie if it seems like the US is likely to disengage with the world and pull back to its own shores, Mr Gan said he did not get that sense during his trip. The US still seems keen to work with Europe and build businesses, though their priorities may vary in different periods of time, he said. While in the US, Mr Gan met with US Cabinet Secretaries, members of Congress and business and private-sector representatives. He also participated in a business roundtable organised by the US Chamber of Commerce to discuss international and regional economic developments, and opportunities for collaboration between US and Singapore companies. Mr Gan said his first question to US officials was whether they were open to negotiations on the 10 per cent tariff that Singapore is subject to, and whether it could be reduced or removed. 'I think the answer for the time being was quite obvious – they are not in the mood to discuss any discount to the baseline tariff,' he said. 'But we also want to put a place marker to remind (the US that) at any point in time, in future, if there's flexibility to discuss the baseline tariff, we are interested in negotiating.' He also asked officials if the baseline tariff will stay at 10 per cent or if it will go higher or lower. 'The answer was non-committal. They are still reviewing the tariff, and in time to come they will make an appropriate announcement, so we just have to wait and see,' said Mr Gan. Even if the baseline tariff changes, no one can tell if that will be the final rate, he added, noting that the level of uncertainty has increased. He said he did not have the chance to meet US Secretary of Commerce Howard Lutnick when he was in Washington, and hence, did not have detailed negotiations on pharmaceutical tariffs. Mr Gan previously said that the US and Singapore had plans to discuss preferential or 'zero' tariffs on pharmaceuticals. 'I think the administration's focus now is to finish the negotiation on reciprocal tariffs, so after that, they will start to engage countries on specific sectoral tariffs on pharmaceuticals and semiconductors,' he said. There have been discussions on how to ensure Singapore's access to artificial intelligence equipment and semiconductors, but not on tariffs. LOGIC BEHIND THE TARIFFS Replying to a question from the moderator Mr Rennie, Mr Gan also said the US does have a rationale for imposing trade tariffs. 'Whether you agree or not, that's a separate issue,' he said. The three key considerations are: generating revenue for the US, balancing trade between the US and other countries, and bringing manufacturing back to the US. 'If you look at the baseline tariff, it is fundamentally for purposes of generating revenue for the US administration, partly to fund the tax incentives for the companies and other expenses,' he said. Reciprocal tariffs are country-specific and are related to whether the US buys more from a country than the country buys from the US. If the US has a large trade deficit with a country – meaning that the US buys more goods from it than it buys from the US – a higher reciprocal tariff is likely to be applied. That will discourage US consumers from buying goods from that country. When meeting congressmen in the US, Mr Gan said he tried to emphasise that the US has a trade surplus with Singapore, along with the good relationship and deep engagement between the two countries. Finally, sectoral tariffs are meant to bring manufacturing industries back to the US to create jobs. Mr Gan said inflation appears to be muted in the US, though it may be that costs go up in the second half of the year. He added that the US economy appears to be 'relatively resilient', and businesses are cautiously optimistic. Another topic that was discussed in the dialogue was whether it is worth negotiating with the US administration, with moderator Mr Rennie noting that a free trade agreement did not protect Singapore from tariffs. Mr Gan said such agreements remain important to Singapore, given that trade is three times our gross domestic product. 'If not for the free trade agreement, we may not have a baseline tariff,' he pointed out. 'This is hypothetic so it's very difficult to guess.' But he said free trade agreements are not just about removing tariffs, and Singapore has collaborated with the US in areas such as sustainability, energy and research. The process of negotiating an agreement deepens understanding between two countries. As the agreement is implemented, it builds trust and confidence as well, he said. 'I think suffice to say the FTA has a value in strengthening the trade between the two countries and to also put us in a stronger position as we negotiate tariffs with the US.'
CNA
22-07-2025
- Business
- CNA
Singapore firms want FTAs to cover areas like digital economy and services: Study
Singapore firms say they want free trade agreements (FTAs) with a wider scope, in areas like the digital economy and services trade. They are also looking for guidance on tapping FTAs. This is according to a research study on manufacturing businesses, led by the National University of Singapore. Kok Ping Soon, CEO of the Singapore Business Federation, and Lennon Tan, President of the Singapore Manufacturing Federation (SMF), discuss the survey findings from the research study on manufacturing businesses. They talk about the pressing challenges local manufacturers face and how SMF is helping businesses tap FTAs.
Independent Singapore
11-07-2025
- Business
- Independent Singapore
Singapore businesses to receive up to S$100,000 grant in October as they face a new tariff environment; SMEs to get ‘more generous' support
Photo: Depositphotos/realinemedia SINGAPORE: Singapore businesses, including small and medium enterprises (SMEs), will be eligible to receive up to S$100,000 per company under the Business Adaptation Grant by October 2025. The grant is to help them for a time-bound period of two years as they adapt to tariff-related challenges. This was stated in a joint press release by the Ministry of Trade and Industry, Singapore Business Federation, National Trades Union Congress, and Singapore National Employers Federation on Thursday (July 10), citing an update from the Singapore Economic Resilience Taskforce (SERT). The press release said the grant will help businesses that export to or operate in overseas markets 'conduct free trade agreements and trade compliance advisory, legal and contractual advisory', as well as 'supply chain optimisation and market diversification advisory'. Enterprises with local or overseas manufacturing operations may also receive support for reconfiguration expenses, such as logistics and inventory holding costs. In May, the Association of Small and Medium Enterprises (ASME) said that businesses would go on 'life-saving and life-support mode' once the pause on tariffs announced by US President Donald Trump came to an end. While interest rates have slightly dropped, many remain reluctant to apply for loans or working capital. According to Bernama , Manpower Minister Tan See Leng said that the government would 'be more generous' to SMEs than to larger firms, as they account for about two-thirds of Singapore's workforce. In terms of support for workers, the government and NTUC-e2i will provide more career guidance services amid economic uncertainty. To help employers better support their staff, temporary enhanced funding will also be introduced for basic HR certification for HR professionals. For fresh graduates entering the workforce this June, Minister Tan shared that the public service has about 2,400 immediate vacancies available. Graduates can find out more through the Careers@Gov job portal , social media channels, or at an upcoming public service career fair in August. 'Vacancies for entry-level jobs have remained steady and opportunities remain available,' he noted. Meanwhile, Bernama reported that Deputy Prime Minister Gan Kim Yong, who is also the Minister for Trade and Industry, said the latest round of tariffs announced by the United States will likely prolong global uncertainty and economic challenges. See also IP fund: What about the risks? He will travel to the US later this month to discuss potential concessions on pharmaceutical tariffs. He also noted that talks on semiconductors will probably follow once progress has been made in pharmaceutical discussions. /TISG Read also: RHB economist: Infrastructure investment, port upgrades, and digitalisation key to keeping Singapore's trade hub status as businesses reroute amid trade volatility Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Business Times
10-07-2025
- Business
- Business Times
No money, manpower or time to train workers? SBF can help
[SINGAPORE] Small and medium-sized enterprises in Singapore face three big challenges when it comes to training: a lack of cash, a lack of manpower, and a lack of time. But these barriers can be overcome – and the Singapore Business Federation (SBF) wants to help, said vice-chairman and honorary treasurer Mark Lee. On Thursday (Jul 10), the Ministry of Manpower launched Career Health SG, a national initiative that supports workers to take charge of their careers through career planning and skills development. SBF will support the initiative by reaching out to employers and C-suite executives. The business chamber has already been partnering government agencies, including Workforce Singapore (WSG), to help companies hire better, redesign jobs and upskill their workforce, said Lee. This is done through its Human Capital Action Committee, which Lee also chairs. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Help for every challenge The committee's work includes alleviating companies' struggles to implement good workforce development practices. First, companies which struggle with costs can turn to career conversion programmes, which offer salary support of up to 90 per cent. SBF works with WSG on these programmes, which cover more than 30 sectors and a variety of business needs, including sustainability, human resources and internationalisation. 'So 'money not enough' should not be a hindrance to human capital development,' said Lee. Next, businesses which struggle with a lack of manpower 'may not fully understand how automation and artificial intelligence (AI) can help them', he said. Here, SBF runs AI workshops so business owners can learn about tools that allow them to be more productive with fewer resources. Lastly, if a company lacks time, it should look at re-engineering and restructuring its processes. 'The way that your workflow is today will not be the same tomorrow,' said Lee. 'Certain parts of that workflow need to be thought through… That is where job redesign comes in.' Businesses can also tap AI for this, or consider 'fractionalising' job roles – breaking down roles to accommodate those who need to work on a part-time basis, such as mothers with child caring needs. Doing so can also help a company to access an untapped workforce of stay-home parents and seniors, he added. Why bother training? Lee acknowledged that businesses want to see returns if they invest in training, and many want to see immediate returns. 'All I can say is that in terms of return on investment, you will always get the best returns if you invest in your people. '(Workers who) stay without development will not be able to help you go forth, pivot, or help you internationalise, help you take on new initiatives,' he said. Even companies without growth ambitions can have a reason to upskill their workers. 'There is no right or wrong… (but) being a responsible employer, you will always want to do the best for your employee,' said Lee. Agreeing, WSG chief executive Dilys Boey stressed that workforce development is central to business growth and staying relevant. Boey said: 'A business needs to continue to reinvent itself, innovate, and broaden its customer base. But to do all that and to deliver these business outcomes, they must recognise that they need a strong workforce to support them.' Companies should thus adopt a twin strategy of business transformation and workforce development, she added.
CNA
03-07-2025
- Business
- CNA
More Singapore firms seeking out FTAs ahead of US tariffs
Singapore companies are getting skittish as the US tariff deadline looms. The Singapore Business Federation has already fielded 1.5 times more inquiries about free trade agreements in the second quarter of this year, compared to 2024. Nadirah Zaidi reports.
