The Singapore economy has been moving with quiet urgency. Behind closed-door meetings and calibrated policy decisions lies a growing anxiety; one fuelled by the tremors of a trade war more than 15,000 kilometres away.
On 2 April 2025, US President Donald Trump stunned global markets by announcing the implementation of a sweeping 10 per cent blanket tariff on the majority of America’s trading partners. Singapore, a trade-reliant hub, has since felt the weight of that decision ripple through its economy and labour market when it came into force three days later.
Within days, the Ministry of Trade and Industry (MTI) revised the country’s GDP growth forecast downwards, from 1–3 per cent to a sobering 0–2 per cent. The Monetary Authority of Singapore (MAS) responded by loosening monetary policy in anticipation of falling corporate profits and dampened domestic demand.
And the toll is already apparent. The Ministry of Manpower’s (MOM) Labour Market Report for Q1 2025 points to a more cautious hiring climate. The outlook, as Prime Minister Lawrence Wong warned in an 8 April 2025 ministerial statement, is stark: slower growth, fewer job opportunities, and potential job losses as firms reassess their operations and costs.
In response, Mr Wong announced the formation of the Singapore Economic Resilience Taskforce (SERT), which is a multi-agency effort chaired by MTI Minister Gan Kim Yong and supported by tripartite partners, including NTUC.
At a press conference on 10 July 2025, SERT unveiled two major support packages aimed at safeguarding businesses and workers from the fallout of trade disruptions.
The Business Adaptation Grant, set to launch by October, will help companies, particularly those exporting or operating overseas, navigate the new tariff landscape. Support will include advisory services for Free Trade Agreements and compliance, legal and contractual guidance, and assistance in supply chain and market diversification.
The taskforce said that the new grant complements existing schemes like the Market Readiness Assistance (MRA) Grant, Enterprise Development Grant (EDG), and the Enterprise Financing Scheme (EFS).
Singapore Business Federation (SBF) Chairman Teo Siong Seng said that the Business Adaptation Grant was the result of feedback from the business community, and he was heartened that the Government has taken steps to address the community’s concerns.
“We believe that this grant will be useful in helping our businesses with their first steps in restructuring their business operations and enable them to take more decisive action, increasing opportunities and meet this new tariff environment,” he said.
On the jobs front, the Government will introduce 2,400 immediate job vacancies, which graduates can learn more about through a Public Service career fair in August, the Careers@Gov job portal, or social media.
The youth have also expressed anxiety about entering an uncertain job market, citing both skill gaps and employers’ preferences for experienced hires. In response, NTUC Secretary-General Ng Chee Meng urged them to remain open-minded and proactive.
“NTUC will strengthen our support for youth transiting from the schoolhouse to work. Through the NTUC Youth EXCEL programme, we offer job search skills training, networking opportunities, learning journeys to companies, and industry mentorship programmes that provide tailored guidance,” he said.
The NTUC Youth Experience Career Empowerment and Leadership (NTUC Youth EXCEL) programme is a collaboration between NTUC Youth and NTUC’s e2i (Employment and Employability Institute).
It is a free, 2-day workshop for youth 18 and above that supports them in their job search while nurturing their workplace leadership skills.
Mr Ng also encouraged young jobseekers to sign up for the NTUC Starter Membership, which provides access to career prep programmes, individual mentoring, and course fee subsidies under the Union Training Assistance Programme (UTAP).
For mid-career workers, the NTUC Jobs Security Council (JSC) will expand upstream efforts to support upskilling, career matching, and sustainable wage growth. Meanwhile, employers can expect enhanced temporary enhanced funding support from the Government for HR certification, equipping them to better manage workforce transitions during the economic adjustment.
Mr Ng said: “Priorities include working with companies through our Company Training Committees, supporting workers in upskilling, and developing and refining products and services that enable purposeful job matching.”
While the long-term implications of the US tariffs remain uncertain, particularly with reciprocal tariffs now delayed until 1 August 2025, Singapore’s early response has drawn on the strength of its tripartite model.
“It is important for us to plan ahead and take action to ensure that our economy will continue to grow, and for Singapore to remain relevant to the rest of the world,” said Mr Gan.
He added: “Our tripartite partners, the Government, unions and the employer federations will also lean forward to provide support for our workforce and will do more if necessary.”
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