WP calls for 'openness to rational and responsible policy' in Singapore amid US tariffs

The Workers' Party (WP) on Tuesday (April 8) called for Singaporeans to be "united in diversity" and open to "rational and responsible policy proposed by all political quarters", in response to tariffs imposed by US.

In a statement shared in its Facebook page, the opposition party added that it is how the country will "emerge stronger through the storm".

The Trump administration last week imposed a baseline tariff rate of 10 per cent on Singapore and other countries.

Echoing Prime Minister Lawrence Wong's disappointment with the tariffs, the WP said that it will "adversely affect" Singapore's bilateral ties with the US.

Earlier in Parliament on Tuesday, PM Wong described the tariff on Singapore as "not actions by a friend".

The Prime Minister also warned that economic growth will be "significantly impacted".

Similarly, the WP also expressed concerns over the tariffs' effect on businesses and employment in Singapore.

"As a small, open economy that is heavily dependent on international linkages, Singapore's economy will inevitably be affected," it said.

The WP called on the Government to employ a "rational and pragmatic" approach to deal with the "unfolding situation".

Among them, the party called for Singapore's economic agencies to "help firms seize opportunities", pointing out that the 10 per cent tariff that Singapore had been slapped with is lower than in Taiwan, South Korea and Malaysia.

"This could present a near-term cost advantage for Singapore firms exporting semiconductors, telecoms equipment and electronics to the US, relative to exports from these higher-tariff countries," it said.

The party said its MPs had previously brought up alternative policies, which they said will lead to "stronger social safety nets and better protections for workers".

These include redundancy insurance and mandatory retrenchment benefits, as well as universal minimum wage for lower-income workers.

"These policies are even more pressing today, in a time of heightened uncertainty," it said.

chingshijie@asiaone.com

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