风萧萧_Frank
以文会友
Ministerial Statement by PM Lawrence Wong on the US Tariffs and Implications
总理兼财政部长 Lawrence Wong 于 2025 年 4 月 8 日就美国关税及其影响发表部长声明。
议长先生
我们早就知道世界处于不断变化之中。熟悉的路标正在逐渐消失。但新的全球体系的轮廓尚未形成。
因此，我们正处于过渡时期——不确定、不稳定且越来越不稳定。
美国最近宣布的“解放日”关税证实了这一严峻现实：基于规则的全球化和自由贸易时代已经结束。
这标志着一个深刻的转折点。我们正在进入全球事务的新阶段——一个更加武断、保护主义和危险的阶段。
二战结束近 80 年来，美国一直是世界自由市场经济的支柱。它倡导自由贸易和开放市场，并领导建立多边贸易体系的努力。
这一世贸组织体系开启了数十年的全球增长和稳定。它使贸易蓬勃发展，使数百万人摆脱了贫困。它造福了世界——也为美国自身的经济实力做出了贡献。
客观地说，美国继续享有无与伦比的经济实力。事实上，美国从新冠疫情中恢复的速度比其他发达经济体更快；它已经远远超过了发达工业世界的所有主要竞争对手。
但并非所有美国人都对他们的经济有这种感觉。曾经繁荣的美国工业带上，有些城镇被掏空了。有些工人的工作消失了，收入停滞不前。他们认为美国经济从根本上崩溃了。
早在 1990 年代，抗议者扰乱了西雅图的世贸组织会议，不满情绪就已显而易见。
2008 年全球金融危机以及最近的新冠疫情之后，人们的不满情绪进一步加深。
需要明确的是：全球经济体系需要改革。
新加坡和许多其他国家都呼吁变革。
我们一直在与志同道合的国家和世贸组织的合作伙伴合作，改革其流程。
美国的一个主要担忧是中国——他们认为美国在允许中国加入世贸组织时做出了太多让步；中国以不公平的方式竞争，例如，大量补贴本国企业、设置非关税壁垒，并限制美国企业的市场准入。
这些问题应在世贸组织框架内解决。
特别是，过去中国仅占世界经济 5% 时做出的贸易安排和让步应该在中国占世界 GDP 15% 时更新。
如果有分歧，应该通过 WTO 的争端解决机制来解决，该机制已经瘫痪，急需恢复和改革。
但美国现在所做的不是改革。它拒绝了自己创建的系统。
美国对几乎所有国家的进口产品征收 10% 的关税。除此之外，它还对某些国家征收更高的关税——高达 50%，尤其是那些对美国有贸易顺差的国家。
据政府称，征收全面关税是为了解决美国的贸易失衡问题。但贸易逆差本身并没有错。它只是意味着美国消费者从世界购买的东西比世界从美国购买的东西多。
此外，关注的焦点一直只集中在商品贸易上。这只是部分情况。事实上，美国与其许多贸易伙伴在服务方面都有顺差——出口软件服务、教育、娱乐、金融和商业服务。但这一事实被完全忽视了。
就新加坡而言，我们与美国签订了自由贸易协定。我们对美国进口产品征收零关税，而且我们实际上对美国存在贸易逆差——这意味着我们从美国购买的产品比他们从我们这里购买的多。
如果关税真的是互惠的，如果这些关税只针对那些贸易顺差的国家，那么新加坡的关税就应该是零。
但我们仍然要缴纳 10% 的关税。我们对美国的举动感到非常失望，尤其是考虑到我们两国之间深厚而悠久的友谊。这不是对朋友的行为。
亚洲首当其冲地受到美国关税上调的影响。
在该地区，中国受到的打击最严重——本轮关税高达 34%。这还不包括过去两个月征收的 20% 关税，以及特朗普第一届政府征收的 20% 关税。因此，综合起来，美国对中国产品的平均关税现在超过 60%。
在东南亚，关税税率从 10% 到 49% 不等。
这些措施将加速全球经济的分裂。
资本和资本流动不再基于经济效率，而是
贸易将越来越多地基于政治结盟和战略考虑而转移。
几位成员询问了关税对新加坡特定行业的影响。我们正在仔细评估形势。但我们更深层次的担忧不是这些企业面临的直接影响。而是对全球贸易体系和世界经济的更广泛影响。让我来解释一下。
首先，“互惠”关税从根本上拒绝了世贸组织规则。
世贸组织多边贸易体系的基石之一是最惠国 (MFN) 原则。最惠国听起来像是给予特殊特权。实际上，它的意思恰恰相反：每个成员都必须平等对待所有其他成员。换句话说，如果一个国家对一个贸易伙伴提供更优惠的条件或施加额外限制，它必须对所有其他世贸组织成员也这样做。
最惠国规则有一些豁免和例外，例如允许自由贸易协定。但最惠国长期以来一直是多边贸易体系的基石。它确保公平的竞争环境，防止歧视，使各国——无论大小——都能在全球市场上公平竞争。这有助于实现一百多个世贸组织成员国之间的贸易自由化，每个成员国都有不同的经济、政治和社会关切。
美国的新关税制度完全否定了最惠国待遇原则。它为基于单方面偏好的选择性国与国贸易关系打开了大门。
如果其他国家采取与美国相同的做法，基于规则的贸易体系将会瓦解。这将给所有国家带来麻烦。但像新加坡这样的小国将面临更大的压力。因为小国在一对一双边谈判中的讨价还价能力有限。因此，大国将决定条款，我们面临被边缘化和排挤的风险。
其次，爆发全面全球贸易战的可能性正在增加。
新加坡决定不征收报复性关税。这样做只会导致新加坡人的成本增加。但其他国家可能不会考虑同样的问题，可能会有不同的看法和观点。
中国已经对美国商品征收了报复性关税。
欧盟等其他国家正在考虑下一步行动。
有些人认为，新的关税是一种谈判策略——美国用来在其他领域获得让步的谈判工具。这正是理查德·尼克松总统在 1971 年所做的——他对进口产品征收 10% 的附加税，以迫使德国和日本贬值本国货币，而当这两个国家这样做时，关税就取消了。
事实上，在更高的关税税率生效之前，各国有一段短暂的谈判窗口期，可以从美国获得一些喘息机会，一些税率也有可能降低。
但我们必须现实一点。贸易壁垒一旦建立，往往会一直存在。撤销它们要困难得多，即使最初的理由不再适用。
即使最终达成部分协议，如此激烈的举措产生的不确定性也会削弱全球信心和增长。恢复之前的现状将非常困难。
尤其是，10% 的普遍税率似乎不容谈判。这似乎是固定的最低关税，与一个国家的贸易平衡或现有的贸易安排无关。
此外，还有其他力量可以维持关税的势头。
尤其是，许多欧洲国家渴望保护其关键行业，如电动汽车、绿色技术和半导体，免受中国竞争。他们不想成为中国或其他国家出口产品的倾销地。
西方各国也在日益努力加强国内制造能力，减少对全球供应链的依赖，尤其是在战略行业。
因此，美国此轮关税上调可能只是全球更多关税上调的开始。我们以前就见过这种情况。
1930 年，美国通过《斯姆特霍利关税法案》全面提高关税。
许多国家提出抗议，一些国家则以贸易限制和关税作为报复。
这加深并延长了大萧条。
从某些方面来看，今天的风险可能更大。
如果全面实施，美国的新关税将高于《斯姆特霍利关税法案》中的关税。
与 20 世纪 30 年代相比，贸易现在已成为美国和全球经济的重要组成部分。
供应链的联系也比当时更加紧密。
任何贸易流动中断都会对世界产生更广泛的连锁反应。
这让我想到了第三点，即对全球经济的影响。商业和消费者信心已经受到关税的打击。国际贸易和投资将受到影响。我们的经济机构与几家跨国企业和当地企业取得了联系
关税宣布后，所有企业都开始担心。即使是那些没有直接受到关税影响的企业也担心消费者需求减弱。一些企业暂停了新项目，同时评估关税的全部影响。
这些都是来自这里的公司的反应。但我确信其他地方的董事会也在进行同样的对话。
最近几天，我们看到全球股市出现了强烈的负面反应。现在判断这一切是否会蔓延到实体经济还为时过早。
但下行风险显然正在上升。
令人不安的不仅仅是关税本身——这已经造成了破坏——而且这一波新的保护主义是不可预测和不稳定的。保护主义已经很糟糕了——不稳定的保护主义更糟糕。
企业不知道会发生什么。许多企业都在犹豫，担心规则的改变会让他们的资产陷入困境。
所有这些都创造了一个充满不确定性的环境——可能使美国和全球经济陷入衰退。
后果远远超出了经济范围。
越来越多的国家正在远离双赢合作和深度融合。
相反，我们看到一种“我优先”、非赢即输的心态正在兴起——每个国家都只顾自己。有些国家甚至准备使用侵略性或胁迫性手段，以牺牲他人为代价来获得自己想要的东西。
与此同时，全球机构正在变得越来越弱，长期存在的合作规范正在瓦解。
一个主要问题是中美关系。美国将中国视为战略竞争对手和威胁，必须趁美国仍然占优势时立即应对。中国表示，它已准备好打一场关税战、贸易战或任何其他类型的战争。美国现在威胁要对中国征收额外的 50% 关税，中国表示将战斗到底。对话渠道越来越少，而对话可以作为管理两国关系的护栏。因此，如果争端升级并破坏中美关系，对世界的影响将是灾难性的。
我们必须做好心理准备。我们曾经知道的可预测和基于规则的秩序正在逐渐消失。新时代将更加动荡，冲击将更加频繁和不可预测。无论外部风向如何，我们都必须准备好坚定立场，保护我们的利益。
这一切对新加坡意味着什么？
短期内，我们预计全球经济增长将减弱，这意味着对我们的商品和服务的外部需求将下降。
我们经济的外向型行业将首当其冲。它们包括制造业，特别是电子和半导体等细分市场；生物医学科学，这些行业对美国的出口额较高。批发贸易和运输将受到影响。全球不确定性和低迷的情绪也将影响一些服务业，包括金融和保险。
新加坡今年可能会也可能不会陷入衰退。但我毫不怀疑我们的增长将受到重大影响。
我们最初预计 2025 年的 GDP 增长率为 1% 至 3%。MTI 正在重新评估增长预测，并可能将其下调。
增长放缓意味着就业机会减少，工人的工资增长幅度较小。如果更多公司面临困难或将业务迁回美国，裁员和失业人数将会增加。
目前，今年预算中宣布的措施将为任何短期压力提供支持。
我们为家庭和个人提供了一整套措施。
他们将获得 CDC 代金券、SG60 代金券和 U-Save 回扣，以帮助他们支付生活费用。还有针对性措施，例如增加针对弱势群体的 ComCare 援助。
我们还通过投资 SkillsFuture 来支持工人。那些被迫失业的人将通过本月晚些时候开始的 SkillsFuture 求职者支持计划获得帮助，重新站起来。
我们还在预算中推出了帮助企业的措施——包括通过企业所得税退税提供的短期支持措施，以及提高生产力和竞争力并转向新市场的计划。我们的经济机构也在与受关税影响的公司接触，以更好地了解他们的反应，看看我们如何支持他们，并帮助他们解决他们面临的任何具体问题。
然而，形势瞬息万变。
因此，我们将成立一个由副总理颜金勇主持的工作组，帮助企业和工人应对眼前的不确定性，增强他们的应变能力，更好地适应新的经济环境。
除了我们的经济机构外，工作组还将包括新加坡工商联合会、新加坡全国雇主联合会和全国职工总会。
我们将继续密切关注事态发展。政府随时准备做更多的事情，
并在必要时。我们拥有这样做的资源，因为我们几十年来一直保持着财务纪律和审慎态度。
在这种新环境下，新加坡必须加倍努力，继续成为全球流动的关键节点和值得信赖的商业中心。
我们将与志同道合、同样致力于开放和自由贸易的合作伙伴建立更紧密的联系。
美国可能已决定转向保护主义。但世界其他国家不必走同样的道路。我们将确定其他合作伙伴加入我们，并围绕这一问题开展工作——确保弹性并维护多边体系的关键部分，同时为以后可能实现的新的和不同的全球体系奠定基础。
这就是为什么我努力与不同国家的同行接触和拜访。我昨天与英国首相基尔·斯塔默进行了接触，并计划在未来几周进行更多对话。他们都渴望与新加坡开展更多合作，并扩大我们的经济合作，包括数字和绿色经济等新领域。
特别是，我们将加强东盟内部的合作和一体化。
上周五，我与马来西亚总理安瓦尔·易卜拉欣进行了交谈。马来西亚也是今年的东盟主席国。我们同意加快东盟一体化进程，使本地区更具吸引力和竞争力。
本周晚些时候将召开东盟经济部长特别会议。他们将讨论东盟如何进一步合作加强东盟内部贸易，并发出东盟致力于区域经济一体化的强烈信号。
作为一个整体，东盟还将继续加强与志同道合的伙伴在共同感兴趣的领域的联系。
议长先生，我们正在进入一个变化的世界。新加坡度过这场风暴的唯一方法是保持团结——集中我们的资源、韧性和决心。
政府将尽一切努力带领新加坡渡过难关，确保不让任何人掉队。
我们将保持经济开放、社会凝聚力和机构强大。
我们将为企业和投资者创造新的价值主张。
在需要时，我们将采取大胆果断的行动，确保新加坡继续取得成功。
最重要的是，我们将把新加坡和新加坡人的利益放在我们所做的一切的中心。
未来的道路将更加艰难。危险是真实存在的。但我们的决心也是如此。在许多方面，我们比六十年前独立时处于更好的位置。
我们已经建立了深厚的储备作为战略缓冲。
我们建立了一个强大的契约，建立在团结和相互信任的基础上。
最重要的是，我们拥有我们的聪明才智、我们的勇气和胆量——一种永不言败的精神，它帮助我们度过了每一次危机，并将带领我们度过未来的危机。
因此，议长先生，我要对本院和新加坡同胞说——不要害怕。现在，我们将比以往任何时候都更加坚定和团结。我们的小红点将继续闪耀。在这个黑暗而动荡的世界，新加坡将坚守阵地，成为稳定、目标和希望的灯塔。
谢谢您，先生。
Ministerial Statement by PM Lawrence Wong on the US Tariffs and Implications
Ministerial statement by Prime Minister and Minister for Finance Lawrence Wong on the US tariffs and their implications on 8 April 2025.
Mr Speaker
We have known for some time that the world is in flux. The familiar signposts are fading. But the contours of a new global system have yet to take shape.
So we are in a period of transition – uncertain, unsettled and increasingly unstable.
The recent “Liberation Day” tariff announcements by the US confirms this stark reality: the era of rules-based globalisation and free trade is over.
This marks a profound turning point. We are entering a new phase in global affairs – one that is more arbitrary, protectionist and dangerous.
For nearly 80 years since the end of World War Two, America was the anchor for the free market economies of the world. It championed free trade and open markets, and led efforts to build a multi-lateral trading system.
This WTO system ushered in decades of global growth and stability. It allowed trade to flourish and lifted millions out of poverty. It benefited the world – and contributed to America’s own economic strength.
And objectively, America continues to enjoy unrivalled economic heft. In fact, the US rebounded more quickly than other advanced economies from the Covid pandemic; it has surged ahead of all its major competitors in the advanced industrial world.
But not all Americans feel this way about their economy. There are hollowed-out towns in what was once America’s thriving industrial belt. There are workers whose jobs have disappeared, and whose incomes have stagnated. They believe that the American economy is fundamentally broken.
Discontent was already visible in the 1990s, when protestors disrupted the WTO meeting in Seattle.
Frustrations deepened following the Global Financial Crisis of 2008, and more recently, after the Covid pandemic.
To be clear: the global economic system is in need of reform.
Singapore and many others have called for changes.
And we have been working with like-minded countries and partners at the WTO to reform its processes.
A key concern in America is China – the sense that the US had given away too much in allowing China to join the WTO; and that China competes on an unfair basis, for example, by heavily subsidising its own companies, putting up non-tariff barriers, and restricting market access to US firms.
These concerns should be addressed within the WTO framework.
In particular, the trade arrangements and concessions made in the past when China was only 5% of the world’s economy should be updated when China now makes up 15% of the world’s GDP.
And if there are disagreements, they should be resolved through the WTO’s dispute settlement system, which has been paralysed, and urgently needs to be restored and reformed.
But what the US is doing now is not reform. It is rejecting the very system it created.
The US has imposed a blanket 10% tariff on imports for nearly all countries. On top of that, it has layered on higher tariffs – up to 50% – for selected countries, especially those that run a trade surplus with the US.
According to the administration, the sweeping tariffs are needed to fix America’s trade imbalances. But there is nothing inherently wrong about running a trade deficit. It simply means that American consumers are buying more from the world, than the world is buying from America.
Moreover, the focus has been solely on the goods trade. That only gives a partial picture. In fact, the US runs a surplus with many of its trading partners in services – exporting software services, education, entertainment, financial and business services. But this fact has been completely ignored.
In Singapore’s case, we have an FTA with America. We impose zero tariffs on US imports, and we actually run a trade deficit with the US – meaning we buy more from them than they do from us.
If the tariffs were truly reciprocal, and if they were meant to target only those with trade surpluses, then the tariff for Singapore should be zero.
But still we are being subjected to the 10% tariff. We are very disappointed by the US move, especially considering the deep and longstanding friendship between our two countries. These are not actions one does to a friend.
Asia bears the brunt of the US tariff increases.
Within the region, China is the hardest hit – facing a 34% tariff this round. And this is on top of the 20% tariff increase imposed over the last 2 months, and the 20% from the first Trump administration. So taken together, the average US tariff on Chinese products now exceeds 60%.
In Southeast Asia, the tariff rates range from 10% to 49%.
These measures will accelerate the fracturing of the global economy.
Instead of flowing based on economic efficiency, capital and trade will increasingly be diverted based on political alignment and strategic considerations.
Several members have asked about the impact of the tariffs on specific industries in Singapore. We are assessing the situation carefully. But our deeper worry is not the direct impact that these businesses face. It is the wider implications for the global trading system and the world economy. So let me explain.
First, the “reciprocal” tariffs are a fundamental rejection of the WTO rules.
One of the cornerstones of the WTO multilateral trading system is the Most Favoured Nation (MFN) principle. Most Favoured Nation sounds like giving special privileges. Actually, it means the opposite: that every member must treat all other members equally. In other words, if a country extends more favourable terms or imposes additional restrictions to one trading partner, it must do the same to all other WTO members.
There are some carve outs and exceptions to the MFN rule, for example to allow free trade agreements. But MFN has long been the bedrock of the multilateral trading system. It ensures a level playing field, prevents discrimination, and enables countries – big or small – to compete fairly in global markets. This has helped to liberalise trade amongst more than a hundred WTO members, each with different economic, and political and social concerns.
America’s new tariff regime is a complete repudiation of the MFN principle. It opens the door to selective country-by-country trade relationships, based on unilateral preferences.
If other countries adopt the same approach as the US, the rules-based trading system will unravel. This will spell trouble for all nations. But smaller countries like Singapore will face greater pressures. Because small countries have limited bargaining power in one-on-one bilateral negotiations. So the major powers will dictate the terms, and we risk being marginalised and sidelined.
Second, the likelihood of a full-blown global trade war is growing.
Singapore has decided not to impose retaliatory tariffs. Doing so will only lead to increased costs for Singaporeans. But other countries may not be guided by the same considerations and may have different perceptions and views.
China has already imposed retaliatory tariffs on US goods.
Others, like the European Union, are considering their next steps.
Some think that the new tariffs are a negotiating tactic – a negotiating tool by the US to extract concessions in other areas. This was what President Richard Nixon did in 1971 – he slapped a 10% surcharge on imports to pressure Germany and Japan to devalue their currencies, and when they did, the tariffs came off.
Indeed, there is a brief window for countries to negotiate and get some reprieve from the US before the higher tariff rates take effect, and it may be possible for some rates to be lowered.
But we have to be realistic. Once trade barriers go up, they tend to stay up. Rolling them back is much harder, even after the original rationale no longer applies.
Even if some partial accommodations are eventually worked out, the uncertainty generated by such a drastic move will dampen global confidence and growth. It will be very hard to restore the previous status quo.
And in particular, it does not look like the 10% universal rate is open for negotiation. This seems to be the fixed minimum tariff, regardless of a country’s trade balance or existing trade arrangements.
Furthermore, there are other forces that could maintain the momentum for tariffs.
In particular, many European countries are eager to protect their critical industries like electric vehicles, green technologies and semiconductors from Chinese competition. They do not want to be a dumping ground for exports from China or other countries.
There is also a growing push across the West to strengthen their domestic manufacturing capabilities and reduce dependence on global supply chains, especially in strategic industries.
So this round of tariff increases by the US may just be the beginning of more increases to come globally. And we have seen this play out before.
The US enacted sweeping tariff increases through the Smoot-Hawley Act in 1930.
Many countries protested, and a number retaliated with their own trade restrictions and tariffs.
This deepened and extended the Great Depression.
In some ways, today’s risks may be greater.
The new US tariffs, if fully enacted, are higher than the ones in Smoot-Hawley.
Trade is now a much bigger part of the American and global economy compared to the 1930s.
Supply chains are also more deeply connected than they were back then.
Any disruption to trade flows will have wider knock-on effects on the world.
This brings me to the third point, which is the impact on the global economy. Business and consumer confidence has already been hit by the tariffs. International trade and investments will suffer. Our economic agencies got in touch with several multinational enterprises and local businesses after the tariff announcement. Even those who were not directly affected by the tariffs are worried about weakening demand from their consumers. Some have put new projects on hold while they assess the full implications of the tariffs.
These are reactions from companies based here. But I am sure the same conversations are happening in boardrooms elsewhere.
Over the recent days, we have seen sharp negative reactions in global stock markets. It is too early to tell if all this will spill over into the real economy.
But the downside risks are clearly rising.
What is troubling is not just the tariffs themselves – which are already damaging – but the fact that this new wave of protectionism is unpredictable and unstable. Protectionism is already bad – unstable protectionism is even worse.
Businesses do not know what to expect. Many are holding back, fearful that changing rules will leave them with stranded assets.
And all this creates an environment of deep uncertainty – one that could tip both the US and global economy into recession.
The consequences extend far beyond economics.
More and more, countries are turning away from win-win cooperation and deeper integration.
Instead, we see a rising “me first”, win-lose mindset – where it is every country for itself. Some are even prepared to use aggressive or coercive means to get what they want at the expense of others.
Meanwhile, global institutions are getting weaker, and longstanding norms of cooperation are breaking down.
One major concern is the US-China relationship. America views China as a strategic competitor and threat, which must be dealt with now while America still has the advantage. China says it is ready for a tariff war, a trade war, or any other type of war. The US has now threatened an extra 50% tariff on China, and China says it will fight till the end. There are fewer channels for dialogue, which can serve as guard-rails to manage the relationship. So if the disputes escalate and destabilise US-China relationship, the consequences for the world would be disastrous.
We must be mentally prepared. The predictable and rules-based order we once knew is fading. The new era will be more volatile, with more frequent and unpredictable shocks. We must be ready to stand firm, and protect our interests, no matter how the external winds may blow.
What does all this mean for Singapore?
In the near term, we expect weaker global growth, which means external demand for our goods and services will fall.
The outward-oriented sectors of our economy will suffer the brunt of the impact. They include manufacturing, especially segments like electronics and semiconductors; biomedical science, which have higher export exposure to the US. Wholesale trade and transport will be impacted. The global uncertainty and dampened sentiments will also impact some services industries, including finance and insurance.
Singapore may or may not go into recession this year. But I have no doubt that our growth will be significantly impacted.
We had originally projected GDP growth of 1 to 3% for 2025. MTI is reassessing the growth forecast, and will likely revise it downwards.
Slower growth will mean fewer job opportunities and smaller wage increases for workers. And if more companies face difficulties or relocate their operations back to the US, there will be higher retrenchments and job losses.
For now, the measures announced in this year’s Budget will provide support for any short-term strain.
We have a comprehensive package of measures for households and individuals.
They will receive CDC vouchers, SG60 vouchers and U-Save rebates to help with their cost of living. And there are targeted measures like increased ComCare Assistance for the more vulnerable groups.
We are also supporting workers through investments in SkillsFuture. And those who find themselves involuntarily unemployed will receive help to get back on their feet through the SkillsFuture Jobseeker Support which will start later this month.
We have also rolled out measures in the Budget to help businesses – there are short-term support measures through corporate income tax rebates, as well as schemes to boost their productivity and competitiveness, and to pivot to new markets. Our economic agencies are also engaging the firms impacted by the tariffs to better understand their responses, and see how we can support them, and assist them with any specific issues they face.
Nevertheless, the situation is fluid and can change quickly.
We will therefore set up a Taskforce chaired by DPM Gan Kim Yong to help businesses and workers address the immediate uncertainties, strengthen their resilience, and better adapt to the new economic environment.
In addition to our economic agencies, the taskforce will include the Singapore Business Federation, the Singapore National Employers Federation, and the NTUC.
We will continue to monitor developments closely. The government stands ready to do more, if and when necessary. We have the resources to do so because of the financial discipline and prudence we have exercised over the decades.
In this new environment, Singapore must redouble our efforts to remain a key node in global flows, and a trusted business hub.
We will forge closer links with like-minded partners who share our commitment to open and free trade.
The US may have decided to turn protectionist. But the rest of the world does not have to follow the same path. We will identify other partners to join us and work around this – to ensure resilience and maintain critical parts of the multilateral system, while laying the foundations for a possible new and different global system that can be achievable later.
And this is why I have made the effort to engage and visit my counterparts in different countries. I touched base with the UK Prime Minister Keir Starmer yesterday and have a few more conversations lined up in the coming weeks. They are all keen to do more with Singapore, and to expand our economic cooperation including in new areas like the digital and green economies.
In particular we will strengthen our collaboration and integration within ASEAN.
Last Friday, I spoke with Malaysian Prime Minister Anwar Ibrahim. Malaysia is also the ASEAN Chair this year. We agreed to accelerate ASEAN’s integration efforts to make our region more attractive and competitive.
A Special ASEAN Economic Ministers’ Meeting will be convened later this week. They will discuss further ways that ASEAN can work together to strengthen intra-ASEAN Trade, and to send a strong signal of ASEAN’s commitment to regional economic integration.
As a group, ASEAN will also continue to strengthen our links with like-minded partners in areas of mutual interest.
Mr Speaker, we are entering a changed world. The only way Singapore can make it through the gathering storm is to stay united – pool our resources, our resilience and our resolve.
The government will do everything we can to steer Singapore through the choppy waters, and make sure no one is left behind.
We will keep our economy open, our society cohesive and our institutions strong.
We will create new value propositions for businesses and investors.
We will act boldly and decisively, when needed, to ensure Singapore continues to succeed.
Above all, we will put the interests of Singapore and Singaporeans at the centre of everything we do.
The road ahead will be harder. The dangers are real. But so too is our determination. In many ways, we are in a better position than we were sixty years ago when we became independent.
We have built deep reserves as a strategic buffer.
We have forged a strong compact, built on solidarity and trust in each other.
And most of all, we have our ingenuity and wit, our grit and gumption – a never say die spirit that has seen us through every crisis, and will carry us through the ones to come.
So Mr Speaker, I say to this House and to fellow Singaporeans – do not fear. Now, more than ever, we will stay resolute and united. Our little red dot will continue to shine. In a dark and troubled world, Singapore will hold our ground as a beacon of stability, purpose and hope.
Thank you Sir.
