Workers’ Party urges pragmatic response to US tariffs and stronger support for workers
The Workers’ Party has expressed concern over the 10% US tariff on Singapore goods, urging the government to respond pragmatically through diplomacy, regional trade ties, and stronger domestic worker protections.
https://www.theonlinecitizen.com/2025/04...r-workers/
Workers’ Party Urges Pragmatic Response to US Tariffs and Stronger Support for Workers
Source: The Online Citizen, published on 2025-04-07 16:00:00
Theme: The Workers’ Party (WP) expresses concerns about the US tariffs on Singapore goods, calling for a multifaceted response and stronger support for workers.
Core Points:
- The WP expresses concern about the 10% US tariff on Singaporean exports, warning that it could destabilise trade, employment, and economic growth.
- The party advocates for a pragmatic response through diplomacy, regional trade ties, and stronger domestic worker protections.
- The WP urges immediate bilateral negotiations with the US, keeping all diplomatic and legal options open.
- They recommend deeper engagement with US legislators and business groups to advocate for Singapore’s trade interests.
- Regionally, the WP calls for Singapore to lead efforts within ASEAN to negotiate collectively with the US.
- The party further urges stronger participation in broader trade pacts like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
- The WP suggests that while Singapore’s lower tariff rate than its competitors could offer a short-term advantage, the long-term implications could be severe.
- To support workers affected by trade-related displacement, the WP advocates for redundancy insurance, mandatory retrenchment benefits, and refined retraining programmes.
- The party also proposes creating an export-import bank to offer trade financing and launching targeted support for SMEs.
- The WP stresses the need for unity and openness to diverse policy perspectives during this uncertain period.
Additional Information:
- The WP's recommendations are outlined in a statement issued on 8 April 2025.
- The US tariffs are set to come into effect on 9 April.
- The WP notes that Singapore's 10% tariff rate remains lower than those imposed on regional competitors such as Taiwan, South Korea, and Malaysia, which could provide a short-term export advantage for firms in semiconductors, telecoms, and electronics.
- The article also references PM Lawrence Wong's ministerial statement in Parliament, where he acknowledged Singapore’s placement in the lowest tariff tier but expressed caution about interpreting this as an advantage.
- The article provides insight into the Workers’ Party's stance on economic issues and the challenges Singapore faces due to the new global trade landscape.