Singapore Has the Fiscal Resources to Get Through Tariff Crisis, Says Chee Hong Tat

The Republic is facing significant challenges as a result of tariffs imposed on the goods it exports to the United States, but the Government has the fiscal resources to get through the crisis.

- Angela Tan

Speaking at the first meeting of the Singapore Economic Resilience Taskforce (SERT) on April 16, Minister for Transport and Second Minister for Finance Chee Hong Tat said the Government will provide the necessary support for businesses and workers to tide them over the difficult period.

He said: "If it is necessary for us to do so, we will provide for our companies, for our workers and for Singaporeans.

"We are able to make that commitment because over the years, we have planned our fiscal resources carefully, and we do have the surpluses, including past reserves, to allow us to be able to do this," he added.

This was demonstrated during the Covid-19 pandemic when the Government tapped past reserves with the agreement of Singapore's then President Halimah Yacob.