SINGAPORE – Prime Minister Lawrence Wong is set to deliver a significant ministerial statement regarding the impact of recent US tariffs on Singapore's economy during a parliamentary meeting scheduled for April 8.

This announcement follows the implementation of a 'baseline tariff' of 10% on various imported goods, a decision made by former US President Donald Trump that took effect on April 5, affecting not only Singapore but also at least 60 other trading partners. Tariffs, which serve to regulate trade and protect domestic industries, have sparked concerns about a potential spiral into a comprehensive trade war.

In a statement made on April 4, PM Wong emphasized Singapore’s decision against imposing retaliatory tariffs, cautioning that other nations might not follow this path, thus amplifying the risks of escalated trade tensions. He pointed out that Singapore, given its economic reliance on trade, stands to suffer significant impacts as a result of these tariffs and the prevailing uncertainty surrounding global trade dynamics.

The Prime Minister urged Singaporeans to prepare for potential economic shocks while fostering a spirit of unity and resilience. He noted that despite these challenges, Singapore is relatively well-prepared compared to many nations, thanks to its financial reserves and cohesive government policies.

Deputy Prime Minister Gan Kim Yong voiced disappointment over the US tariffs, which compromise the longstanding economic relationship between the two countries, including their free trade agreement. As Singapore reassesses its economic forecasts in light of the new tariffs, he reassured citizens that the government would bolster support for households and businesses as necessary.

Supporting this sentiment, Senior Minister Lee Hsien Loong remarked that the global landscape has been fundamentally altered by the US's aggressive tariff strategies. He rallied Singaporeans to unite and work collectively with the government to navigate the challenges that lie ahead. Lee cautioned against relying on 'strange ideas or soft solutions' that might imply deferred resolutions.

The Leader of the Opposition, Pritam Singh, echoed PM Wong’s call for solidarity among Singaporeans, emphasizing the need for unity, particularly as the nation faces undefined challenges ahead.

Later in the session, Minister for Home Affairs and Law K. Shanmugam will also provide an important update regarding amendments to the Misuse of Drugs Act that shift the burden of proof onto the accused for certain drug offenses, a topic of significant legal and social importance in Singapore.

With 75 parliamentary questions lined up for discussion—including concerns about water seepage in housing units and consumer protection against high-yield investment products—this session promises to be pivotal. It is anticipated to be the last before Parliament is dissolved, paving the way for a forthcoming general election.

Stay tuned for live updates from the Straits Times as PM Wong outlines his thoughts on the pressing economic challenges that Singapore is poised to face in light of these new developments.