Singapore declared a series of targeted measures to strengthen its economic resilience in the face of ongoing global trade disruptions, particularly in light of new U.S. tariff actions. The initiatives were unveiled by the Singapore Economic Resilience Taskforce (SERT), chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong.
Speaking at a press briefing, DPM Gan underscored the government’s commitment to safeguarding Singapore’s long-term economic interests through close collaboration with businesses, unions, and workers. Since April, SERT has engaged over 3,000 stakeholders, including business leaders, workers, union representatives, fresh graduates, and career coaches, to better understand ground challenges and tailor effective support.
To assist businesses in adapting to the shifting global trade landscape, the government will launch a Business Adaptation Grant by October 2025. This two-year initiative will provide financial and advisory support for companies navigating new tariff regimes. Areas of support include Free Trade Agreement guidance, legal advice, supply chain reconfiguration, and market diversification strategies. It will complement existing schemes such as the Market Readiness Assistance Grant, Enterprise Development Grant, and Enterprise Financing Scheme.
In addition, enhanced workforce support measures will be introduced in partnership with the National Trades Union Congress’ Employment and Employability Institute (NTUC-e2i). These include expanded career guidance under the Career Health SG movement and additional funding to equip HR professionals with tools to manage workforce transitions during this uncertain period.
The Singapore Business Federation (SBF), NTUC, and the Singapore National Employers Federation (SNEF) reaffirmed their support for the government’s initiatives, highlighting the importance of collective action in navigating current and emerging economic headwinds.
DPM Gan concluded by stating that Singapore remains vigilant and stands ready to implement further measures should the global economic situation deteriorate unexpectedly.
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