SINGAPORE: While Singapore was hit with the lowest level of tariffs – 10 per cent – in sweeping new levies announced by the United States, the impact will be significant, said Singapore Deputy Prime Minister Gan Kim Yong on Thursday (Apr 3).
“I think our households and our businesses have to be prepared for rough waters ahead of us, and they will significantly impact our business as well as households,” said Mr Gan, who is also the trade and industry minister.
“We will continue to monitor the situation, and if necessary, we will introduce more measures to help our households and our businesses.”
In February, official forecasts put Singapore’s growth for 2025 at 1 to 3 per cent but this will now need to be relooked, said Mr Gan.
“We are at the moment reassessing our economic forecast, and we may need to make adjustments in time to come,” he told a media conference.
Senior Minister Lee Hsien Loong also warned that Singapore’s growth will be affected by the US’ move.
“Our growth will be hurt, though it is too early to tell by how much,” he said in a Facebook post.
“Singaporeans and businesses should be psychologically prepared for rough weather ahead.”
Source: CNA
