On 8 April 2025, Prime Minister Lawrence Wong announced the Government would establish a taskforce to (i) support businesses and workers navigate uncertainties brought about by the United States (“US“) tariffs and related global developments; (ii) enhance Singapore’s economic resilience; and (iii) position Singapore for future growth in the new economic landscape.
On 16 April 2025, the taskforce, called the Singapore Economic Resilience Taskforce (“SERT“) comprising Government ministers and a representative each from the Singapore Business Federation (“SBF“), the National Trades Union Congress (“NTUC“) and the Singapore National Employers Federation (“SNEF“), held its first meeting.
The SERT focuses on the following three workstreams:
- Sensemaking and communication: ensure regular three-way communications between the Government, businesses and workers to keep each of the tripartite partners abreast of latest developments and how the SERT can support them.
- Addressing immediate challenges: identify pain points and enhance existing support measures, which include:
- Corporate Income Tax Rebate: 50% rebate and cash grant for active companies;
- Enterprise Financing Scheme: enhanced loan quantum;
- Double Tax Deduction for Internationalisation: support for businesses expanding internationally; and
- SkillsFuture Jobseeker Support scheme: temporary financial support to involuntarily unemployed individuals.
- Longer-Term Strategies and Responses: develop strategies for business transformation and resilience.
These are targeted to handle the US tariffs situation. Needless to say, the 90-day pause in US tariffs offers brief reprieve, but the 10% baseline tariff remains a barrier to continuous international trade. Singapore must leverage Free Trade Agreements and regional partnerships to ensure trade flows continue.
The SERT will start engaging businesses and workers, and provide regular updates on its work.
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