SINGAPORE - Singapore will launch a new Business Adaptation Grant by October to help eligible enterprises adjust to the evolving tariff landscape, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong announced Thursday.

The grant, available for a time-bound period of two years, will support enterprises that export to or operate in overseas markets and are affected by tariff measures. It will fund services such as free trade agreement and trade compliance advisory, legal and contractual guidance, as well as supply chain optimization and market diversification.

Enterprises with manufacturing operations, whether abroad or within Singapore, may also receive support for reconfiguration costs, including logistics and inventory holding expenses.

ALSO READ: Singapore adds property measures in surprise hit to market

The initiative was announced at a press conference on the latest progress of the Singapore Economic Resilience Taskforce, a body established in April to help businesses and workers navigate the uncertainties arising from US tariffs.

Additional measures included expanded access to career guidance services and temporary enhanced funding support for basic human resource certification.

Speaking at the press conference, Gan, who chairs the taskforce, warned that the latest round of US tariffs would prolong global uncertainty and challenges to economies worldwide, further dampening trade flows and weighing on economic growth.