Singapore, July 13 -- The Singapore Economic Resilience Taskforce (SERT) has announced measures to help Singapore companies adapt to a new US tariff.

At an event updating SERT's activities, Singaporean Minister for Manpower Tan See Leng announced Singaporean government's Business Adaptation Grant which will be capped at 100,000 SGD (78,000 USD) per company and will have a co-funding element.

Local small and medium enterprises (SME) will likely be able to receive a higher percentage of co-funding from the government than local non-SMEs.

Small and medium enterprises employ around two-thirds of Singapore workers, he added. The grant is expected to be launched in October.

The grant will cover two categories of businesses and eligible comp...