Singapore PM Wong pledges support for businesses hit by US tariffs, promises economic relief
Wong, who is also finance minister, said the Singapore Economic Resilience Task Force chaired by Deputy Prime Minister Gan Kim Yong has been actively meeting to develop the country's response plans.
'They will provide further updates when ready. DPM Gan is also continuing his discussions with US counterparts, exploring constructive ways to further our trade relations with America,' Wong said in a video uploaded to his YouTube channel, on Friday.
Wong acknowledged growing concerns within the business community, citing findings from a recent Singapore Business Federation (SBF) survey.
'The survey found that four in five Singapore businesses are negatively impacted by the US tariffs, three in four project their revenues to decrease, and one in two say that they are holding back on new hiring in the next three months,' he noted.
To mitigate the impact on jobs and prices, Wong said the government will begin rolling out a series of support measures announced in this year's Budget, including corporate tax rebate and cash grant which will be paid out this month.
The prime minister said he is also focused on forming a renewed and strengthened team in the government to better serve the people and secure their future in these troubled times.
'The election results have made it clear that Singaporeans want a team that combines experience with fresh perspectives to take our country forward,' he said.
Wong led the ruling People's Action Party (PAP) to a resounding victory in the May 3 general election — securing 87 out of 97 parliamentary seats, including five uncontested walkovers. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
27 minutes ago
- Malay Mail
No room for extremism or liberalism: Selangor passes Religion of Islam Amendment Bill
SHAH ALAM, July 7 — The Selangor State Legislative Assembly today passed the Administration of the Religion of Islam (State of Selangor) (Amendment) Enactment Bill 2025, aimed at clarifying the criteria for appointing members of the Selangor Islamic Religious Council (Mais) other than ex-officio members, members of the Fatwa Committee, the Credentials Committee and the Credentials Appeal Committee, who must adhere to the Ahli Sunnah Wal Jamaah creed. The bill, which involves amendments to 10 clauses, was unanimously passed after the third reading, following a debate by six assemblymen at today's sitting. Earlier, State Islamic Religious Affairs and Innovation Committee chairman Dr Mohammad Fahmi Ngah, when tabling the bill, said the amendment proposes to include the interpretation of Ahli Sunnah Wal Jamaah in Enactment No. 1/2003. He said that during the drafting of the 2025 Bill, Mais conducted engagement sessions with stakeholders, including legal experts and representatives from relevant departments and organisations. 'Among the parties involved were the Selangor State Legal Advisor's Chamber, Selangor Mufti Department, Selangor Syariah Judicial Department, Selangor Prosecution Department, Selangor Islamic Religious Department, Department of Islamic Development Malaysia (Jakim), Attorney General's Chambers, academics and other relevant stakeholders,' he said when tabling the bill here. Elaborating, Mohammad Fahmi said the amendment could also prevent the appointment of individuals with extreme or liberal views, or those inclined towards teachings that deviate from the Ahli Sunnah Wal Jamaah creed, in the administration of Islamic affairs in Selangor. 'It is also to ensure that the Islamic administration of Selangor aligns with the teachings of Ahli Sunnah Wal Jamaah and the principles of Maqasid Syariah, particularly in preserving the religion,' he said. Mohammad Fahmi said the bill was also in line with the decree of the Sultan of Selangor, Sultan Sharafuddin Idris Shah, on March 14, instructing Mais chairman Datuk Salehuddin Saidin to immediately implement the amendment to include provisions on the position and interpretation of Ahli Sunnah Wal Jamaah for the Muslim community, particularly in Selangor. — Bernama
Malay Mail
40 minutes ago
- Malay Mail
Beijing rejects Trump's tariff warning, says Brics promotes ‘win-win cooperation'
BEIJING, July 7 — China said today that Brics, the grouping that also includes Brazil, Russia and India, was not seeking 'confrontation' after US President Donald Trump vowed to impose an extra 10 per cent tariff on countries aligning with the bloc. 'Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward,' foreign ministry spokeswoman Mao Ning said. Trump said he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires. He said on Sunday he would send a first batch of up to 15 letters, warning that US levies on imports would snap back to the high levels he set in April if countries failed to make agreements. And, in a post on his Truth Social network, he threatened a further 10 per cent tariff on countries aligning themselves with the emerging Brics nations, accusing them of 'anti-Americanism' after they slammed his tariffs at a summit in Rio de Janeiro on Sunday. Conceived two decades ago as a forum for fast-growing economies, Brics has come to be seen as a Chinese-driven counterbalance to US and western European power. However, Beijing defended the grouping on Monday as 'an important platform for cooperation between emerging markets and developing countries'. 'It advocates openness, inclusivity and win-win cooperation,' Mao said. 'It does not engage in camp confrontation and is not targeted at any country,' she said. — AFP
Malay Mail
42 minutes ago
- Malay Mail
SRC US$1.1b suit: Lawyer says Najib changed his story five times on how RM42m wound up on his books
KUALA LUMPUR, July 7 — Former prime minister Datuk Seri Najib Razak gave five conflicting explanations in court for how US$120 million from SRC International ended up in his personal bank account, the High Court heard today. SRC counsel Datuk Lim Chee Wee said it was proven in trial that the funds from SRC International were credited into Najib's personal account for personal enrichment — with Najib giving five different versions under oath to justify said receipt in court. Lim said this in his submission at the close of the defendant's case in SRC International's US$1.18 billion civil suit against Najib and former SRC chief executive Nik Faisal Ariff Kamil, who is currently at large. Listing the five versions, Lim said Najib had variously: Denied receiving monies stemming from SRC Asserted his account was for corporate social responsibility purposes Claimed he did not manage his account Claimed the monies were donations Claimed his account was merely a pass-through entity 'In the context of credibility and tort of misfeasance, the first defendant was confronted with his affidavit in which he confirmed receipt of RM42 million from SRC. Lim said Najib vaguely stated that the affidavit was 'very badly drafted', then later claimed that the admission was the 'allegation at that time'; before suddenly claiming it was his own knowledge but stated he was misled at that time. 'He (Najib) then backtracked and stated that 'I am not saying I am misled, but that was the information that was given to me.' 'Curiously, when questioned as to who provided this incorrect information, the first defendant could not provide an answer. Lim said Najib later claimed that he was misled by 'media reporting including social media' during his re-examination. 'Even if true, this reflects the grave recklessness for a prime minister to rely on unverified public commentary on social media to justify why RM42 million had entered into his personal account,' Lim said. Lim also said while SRC International was intended to fulfill its intended public purpose, SRC became the vehicle and victim of large-scale fraud, with Najib as its primary beneficiary. 'While SRC suffered a devastating loss of US$1.18 billion, the first defendant personally received US$120 million into his own accounts and RM42 million which is the subject matter of a separate suit. 'It cannot be said that the first defendant was acting in the best interests of Malaysia, nor can his actions be downplayed to mere recklessness. 'The first defendant's concealment of receipt throughout SRC's lifespan actively confirmed his malice and knowledge in his misfeasance,' he said. The hearing before trial judge Datuk Ahmad Fairuz Zainol Abidin resumes tomorrow. Imprisoned since August 23, 2022, Najib is serving a 12-year jail sentence and a RM210 million fine for his conviction over the misappropriation of RM42 million from SRC International, which has recently been reduced to six years of imprisonment and a RM50 million fine by the Pardons Board. SRC, under new management, sued Najib and several former directors — Datuk Suboh Md Yassin, Datuk Mohammed Azhar Osman Khairuddin, Nik Faisal, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi, and Tan Sri Ismee Ismail — in May 2021. However, five names were later removed from the suit, leaving Najib as the sole defendant. Additionally, Najib has named the former directors of SRC International as third-party respondents. SRC, as the plaintiff in the writ of summons, has alleged that Najib abused his power to obtain personal benefits from SRC International's funds and misappropriated these funds. Najib served as SRC's Emeritus Adviser from May 1, 2012 until March 4, 2019. Now wholly owned by the Ministry of Finance Incorporated (MoF Inc), SRC International is seeking general damages, exemplary damages, additional interest, costs, and other appropriate relief from the court. The company seeks a declaration that Najib is liable for the company's losses due to his breach of duties and trust. It is also seeking an order for Najib to pay US$1.18 billion in losses suffered, along with damages for breach of duties and trust, including an order for him to compensate the US$120 million that entered his bank account.
