Government launches new plan to provide subsidies for production restructuring of enterprises affected by tariffs

The United States recently announced new tariffs, and the global economy may face more challenges and uncertainties in a longer period of time. To assist businesses and employees in meeting challenges, the government announced two assistance measures, including a new Business Adaptation Grant and expanded career coaching.

Singapore continues to face 10% benchmark tariffs

The enterprise response plan will be launched in October, with a subsidy of two years, with each company applying for a maximum of 100,000 yuan. This is a co-financing program and details will be announced later.

Manufacturers engaged in production overseas or locally can also apply for subsidies for production restructuring, including logistics and inventory holding costs through new plans.

"I originally expected that during the 90-day suspended implementation, the tax rate would drop to a low level and remain stable since then, re-promoting global trade and economic growth in Asian countries."

Yan Jinyong said: "As far as Singapore is concerned, we continue to be subject to a 10% benchmark tariff. I have also mentioned that the United States is willing to discuss and propose preferential tariffs on medicines exported to the United States. We are discussing with the U.S. Department of Commerce to better understand their expectations and find out the exact feasible methods for our companies."

The Singapore Economic Resilience Group (SERT) explained to the media the latest progress of the group's work to the media on Thursday (July 10), and made the above announcement.

Yan Jinyong hopes that negotiations and consultations can continue, and that the United States can reach an agreement with other countries to reduce tariffs and trade barriers. But it is not as good as the tariffs will continue to exist anyway, which is certain.

However, with the announcement of new tax rates, Yan Jinyong believes that this may extend the uncertainty and volatility faced by the global economy and bring challenges to the global economy.

Yan Jinyong revealed that he will visit the United States later in July. "This will enable us to better understand the priorities of U.S. concern and explore opportunities for both sides to work together to strengthen bilateral relations that have been favorable to both countries so far."

Deputy Prime Minister and Minister of Trade and Industry, Yan Jinyong, who leads Singapore's Economic Resilience Group, pointed out to the media on Thursday that US President Trump has sent letters to more than 20 countries this week, proposing new reciprocal tariff rates.

The subsidy mainly covers exporters, as well as those companies that have business and operations in overseas markets and are impacted by tariffs.

Yan Jinyong: New tariffs may extend global economic fluctuations

In addition, the Government and the National Employment and Functional Training Center (NTUC-e2i) will expand career counseling to help employees and job seekers cope with economic uncertainty. The government will also strengthen subsidies for basic human resources certification to help employers better manage and support company employees in the current environment.

Corporate response plan is launched in October, up to 100,000 yuan per company