INTERNATIONAL
Singapore PM describes US tariffs as actions not one 'do to a friend'
Singapore Prime Minister Lawrence Wong expressed disappointment over the sweeping tariffs imposed by the Donald Trump administration, warning that they would have a significant impact on Singapore's economic growth. File pic from Lawrence Wong's FB
Singapore Prime Minister Lawrence Wong expressed disappointment over the sweeping tariffs imposed by the Donald Trump administration, warning that they would have a significant impact on Singapore's economic growth.
"We are very disappointed by the US move, particularly given the long-standing friendship between our two nations. These are not the actions one takes with a friend," Wong said in a parliamentary address.
He announced the creation of a government taskforce, led by Deputy Prime Minister Gan Kim Yong, to help businesses and workers navigate immediate uncertainties, strengthen resilience, and adapt to the shifting economic landscape.
The taskforce will include representatives from Singapore's economic agencies, the Singapore Business Federation, the Singapore National Employers Federation, and the National Trades Union Congress.
Wong emphasised that the government would continue to monitor the situation closely and stand ready to take further action if necessary.
U.S. President Trump had threatened to impose an additional 50% tariff on Chinese imports unless Beijing removes its 34% retaliatory tariff on U.S. goods.
Singapore faces a 10% tariff, lower than many of its Southeast Asian neighbors, but Wong warned that the country must brace for further economic shocks.
Read the latest news here
"We are very disappointed by the US move, particularly given the long-standing friendship between our two nations. These are not the actions one takes with a friend," Wong said in a parliamentary address.
He announced the creation of a government taskforce, led by Deputy Prime Minister Gan Kim Yong, to help businesses and workers navigate immediate uncertainties, strengthen resilience, and adapt to the shifting economic landscape.
The taskforce will include representatives from Singapore's economic agencies, the Singapore Business Federation, the Singapore National Employers Federation, and the National Trades Union Congress.
Wong emphasised that the government would continue to monitor the situation closely and stand ready to take further action if necessary.
U.S. President Trump had threatened to impose an additional 50% tariff on Chinese imports unless Beijing removes its 34% retaliatory tariff on U.S. goods.
Singapore faces a 10% tariff, lower than many of its Southeast Asian neighbors, but Wong warned that the country must brace for further economic shocks.