Global economic uncertainty no ordinary storm but tidal wave of change, says DPM Gan

The global economic uncertainty triggered by the United States' move to impose tariffs on its trading partners is no ordinary storm but a tidal wave of change, said Deputy Prime Minister Gan Kim Yong.

- Ng Keng Gene Correspondent and Harith Mustaffa

Speaking at a PAP rally at Yusof Ishak Secondary School on April 26, Mr Gan questioned critics who said the ruling party's reaction to the American tariffs is overblown.

He added that the uncertainties the nation is facing will have long-term implications for Singapore as a trading hub.

He said: "Some have said the PAP's reaction to the US tariff announcement is overblown, that we are sending a message of fear, and there is no need to worry because Singapore has weathered bigger storms before.

"But really, are you sure this is just another storm? This is no ordinary storm. This is a tidal wave of change."

Singaporeans are worried, and businesses are feeling the impact of market uncertainties, with some multinational corporations (MNCs) rethinking their investment plans and their presence in the country, he added.

"Supply chains may be further reconfigured. And with these uncertainties, businesses have paused their investments and have also slowed down their hiring," said Mr Gan, 66, who is also the Trade and Industry Minister.

Many people are wondering about job security, but there is no need to fear, he added. The Government, he said, rolled out a "comprehensive Budget" earlier this year to help Singaporeans face the uncertainties ahead.

For instance, Singaporeans looking for jobs can tap schemes like the Skills Future Jobseeker Support scheme and career conversion programmes.

Mr Gan said: "We may not be able to save every job, but we intend to protect every worker. We will uplift you, we will help you bounce back stronger than before.

"As Prime Minister Lawrence Wong promised, we will do more if necessary. The PAP has your back."