The United States and China recently agreed to suspend 90 days and simultaneously significantly reduce tariffs on each other's imported goods. In addition, the United States and the United Kingdom reached a tariff agreement.

Yan Jinyong said: "These are encouraging news, but I want to remind you that this does not mean that the storm has passed, and the storm has only been suspended for 90 days. One thing we need to be clear is that although the higher tariffs have been postponed by 90 days, this uncertain number still exists, so the prospects are still very blurred.

Although the trade and tariff war has been suspended, the storm has not passed, and our country's economic prospects are still worrying. The government has begun to formulate possible measures to support employees, families and businesses if necessary.

Yan Jinyong reminded that although the higher reciprocal tariffs have been postponed for 90 days, the 10% benchmark tariff is still under implementation.

Family, everyone is most concerned about whether they are able to cope with living expenses if the economy slows down.

Yan Jinyong said: "We have begun to develop possible measures and we will introduce them if necessary. We are also ready to strengthen our efforts if the local employment market continues to weaken, and launch more projects to help our employees, and we will do our best to do it.

Yan Jinyong pointed out that what companies are most worried about is the economic slowdown. According to companies, some of their orders have been postponed or cancelled, and they are worried that the company will face challenges in its next revenue, payments and working capital.

The

group also informed the union and employees about the latest situation in the job market. Yan Jinyong said: "What everyone is most concerned about is whether they can keep their jobs. Those who seek jobs, including graduates, are most worried about not being able to find a job or not being able to find a job with good salary."

If the job market continues to be weak, it will strengthen efforts to help employees

"Will the negotiations between these countries have an ideal result or an unknown? Will the negotiations between China and the United States have an ideal conclusion or an unknown. What kind of new world will be like in 90 days? We still need to observe carefully and be prepared to respond appropriately. So it is too early to say now, and our prospects are still very worrying."

Yan Jinyong, deputy prime minister and minister of trade and industry, who is responsible for leading the Singapore Economic Resilience Group, explained the latest progress on Friday (May 16) on how my country responded to the trade and tariff war.

"In terms of living expenses, we just announced the distribution of 500 yuan neighborhood shopping vouchers, and I think it will be helpful. The Prime Minister also agreed that if necessary, we will introduce more supporting facilities and measures at any time to help our families cope with living expenses, so don't worry."

The Singapore Economic Resilience Group, established to meet the tariff challenges, has had dialogue with businesses over the past few weeks, including SMEs and multinationals, to understand the difficulties they face.