Singapore will form a national task force chaired by Deputy Prime Minister Gan Kim Yong to support businesses and workers in response to new US tariffs that could impact economic growth and jobs. Prime Minister Lawrence Wong stated that the tariffs will likely slow global growth and affect Singapore’s export-reliant sectors, potentially leading to job losses and lower wage increases. The tariffs, seen as a rejection of WTO rules, impose a 10% tariff on all imports into the US, including those from Singapore, despite the country running a trade deficit with the US and maintaining open trade through a bilateral agreement.
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