PUBLISHED ONJuly 10, 2025 7:40 AMBYDana LeongThe Singapore Economic Resilience Taskforce (Sert) will be implementing targeted measures for businesses and workers amid heightened concerns surrounding global uncertainties and US trade tariffs.
This includes a new grant for businesses directly affected by the tariffs, in addition to temporary enhanced funding support for human resource (HR) professionals.
At a press conference on Thursday (July 10), Deputy Prime Minister Gan Kim Yong, along with members of Sert, shared about recent engagements with over 3,000 businesses, workers and fresh graduates and their concerns regarding employment prospects and the ability to adapt business plans to the ever-changing tariff environment.
DPM Gan noted the latest slate of tariffs announced by US President Donald Trump earlier this week "will prolong the uncertainty and challenges for economies around the world, and add to the headwinds in global trade depressing economic growth".
He expects the economy to "hold up relatively well in the first half of this year", due to frontloading efforts in light of current pauses in global tariffs, but sees slower growth over the next six to 12 months as the funnelling effects wear off and higher tariffs kick in.
Sert will launch a new Business Adaptation Grant to help eligible enterprises adapt to the new tariff environment, said Dr Tan See Leng, Minister for Manpower and Minister-in-charge of Energy and Science & Technology.
The grant will be launched in October this year for a period of two years, he shared. Capped at $100,000 per company, the grant will require co-funding by firms, though Dr Tan said more details will be provided closer to the date.
Eligible businesses include enterprises that are impacted by tariff measures due to export activity and operations in overseas markets.
The grant will cover advisory fees related to free trade agreements, trade compliance supply chain optimisation, market diversification as well as legal and contractual issues.
Enterprises with manufacturing operations overseas or locally can also receive support for reconfiguration costs, such as logistics and inventory holding costs, said Dr Tan.
He added that the grant is meant to complement existing schemes, such as the Market Readiness Assistance Grant and Enterprise Development Grant, provided by Enterprise Singapore.
Singapore Business Federation (SBF) chairman Teo Siong Seng, who sits on the task force, also shared during the press conference that SBF has multiple initiatives planned to help local businesses navigate the uncertain business environment.
SBF will be holding a range of workshops and developing a playbook to update businesses on tariff rules, FTA utilisation and trade compliance, said Teo.
In terms of support for workers seeking employment, Sert announced that the Government and NTUC-e2i will expand access to career guidance services.
According to Dr Tan, the expanded access builds on the Career Health SG movement, also launched on Thursday, which aims to help Singaporeans build resilient, fulfilling careers.
"We will further defray out-of-pocket fees, and we will scale up the provision of career guidance," he said, adding that 85 per cent of respondents have gained "clearer direction and a higher confidence in planning their own careers" after using Polaris, a suite of personalised career guidance services by Workforce Singapore and its appointed providers.
While the "labour market remains stable for the time being", said Dr Tan, both he and Minister for Digital Development and Information Josephine Teo expressed empathy for concerned jobseekers and fresh graduates, encouraging them to "keep an open mind to different opportunities".
"We're not in a crisis, nor are we in a recession," said Dr Tan, reiterating the resilient labour market and citing the opportunities that remain available.
At the same time, Dr Tan announced temporary enhanced funding support for HR professionals to attain basic HR certification, with details to be revealed "in due course".
He noted that such an initiative will support businesses and "help employers better manage and support their workforce amid the volatile environment".
During the session, National Trades Union Congress (NTUC) secretary-general, Ng Chee Meng, also encouraged those seeking job support to take advantage of NTUC's Starter Membership, which "provides access to one-on-one mentorship and the NTUC's Union Training Assistance Programme, UTAP, that can be used to offset course fees and career prep programmes covering resume writing, interview skills and so on".
In closing, DPM Gan said that the Government will continue to keep a close watch on developments, adding that Sert's long-term strategy and plans will be revealed in the future.
"Our focus remains very clear, which is to protect livelihood, to strengthen our resilience and to keep Singapore moving forward," said DPM Gan, reiterating the taskforce's commitment to supporting businesses and worker through these uncertain times.
US President Donald Trump had recently announced new tariffs, ranging from 25 to 40 per cent, on a total of 20 major trading partners such as Japan and South Korea that are set to kick in on Aug 1.
He issued letters to 14 nations on Monday (July 7) informing them of the new levies to be imposed, and followed up with letters to another six nations on Thursday (July 10).
While Singapore is not on the list of nations hit with new tariffs, it will still face the 10 per cent baseline tariffs initially announced with Trump's Liberation Day tariffs on April 2.
At the press conference on Thursday, DPM Gan shared that Singapore is still in negotiations with the US regarding concessions for sectoral tariffs on pharmaceuticals, which he will be addressing during his upcoming trip to the US later this month.
DPM Gan said he will also be exploring potential areas "to strengthen bilateral economic relationships, both on investment as well as trade", particularly in terms of cooperation on the technology front.
He also noted that he will hold meetings with the private sector, in addition to academics and business leaders to see if there are opportunities for collaboration.
For more original AsiaOne articles, visit here.
