Jeffrey Siow to join task force on US tariffs, Desmond Lee to step off after Cabinet changes
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) announced changes to its line-up on Tuesday (May 27).
Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the taskforce, while Minister for Education Desmond Lee will leave SERT.
Newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng will also replace former chairman Lim Ming Yan as the SBF representative.
The changes will take effect immediately, said the SBF, the Ministry of Trade and Industry, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release.
All other members of SERT will remain the same.
The task force was formed in April to help businesses and workers tide through tariffs imposed by the United States.
Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members:
The task force's composition was adjusted following the recent Cabinet and SBF council appointments, Mr Gan said.
'SERT's mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade,' he added.
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Independent Singapore
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Photo: FB/minliangtan + Google Maps via Uchify How he got rich: Tan studied law at the National University of Singapore—proof that even e-sports overlords can respect a good degree. He started as a corporate lawyer, but a gaming obsession led him to co-found Razer in 2005 with a friend. Their 'for gamers by gamers' ethos—and a cheeky razer-green logo—helped the brand carve out a cult following. Today, Razer boasts $1 billion in annual revenues and dominates several esports markets. See also Singapore's Bungalow market is "down but not out" His secret sauce: Tan blends hardcore tech innovation (ever thought of a programmable keyboard?) with community marketing, partnering with influencers, and sponsoring esports teams. Oh, and double‑doom: he's both CEO and Chief Creative Director—so if Razer's aesthetic is too slick, blame him. 3. Chew Shou Zi (TikTok/ByteDance) – Queen Astrid Park TikTok CEO Chew Shou Zi (42) is the rarest creature in Singapore: a 'Crazy Rich Senator.' 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At ByteDance/TikTok, he combined his financial smarts with growth hacking, helping turn a viral app into a global social media Goliath. 4. Chloe Tong (wife of Grab CEO Anthony Tan) – Bin Tong Park Mrs. Grab-wielding Chloe Tong dropped S$40 million in 2021 for a stomping 31,800 sqft GCB in Bin Tong Park—one block over in Holland Road. It might belong to Grab's power couple, but the headline lands in her name—aka Chloe Tong, GCB Queen. Photo: FB/Grab + Google Maps via Uchify How she amassed wealth: Chloe grew up near media royalty—her father founded The Edge Media Group . After her schooling, she rose through the ranks to executive roles at Edge . Her strategy: Based on her education and experience, Tong will likely blend strategic communication with media insight, with her company offering business intelligence, events, and publications. 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Transitioning into Hollywood by the late 1990s, Li's career featured blockbusters, with his films earning over US$2.4 billion worldwide. His strategy: Li's success reflects a hybrid strategy—leveraging national sports fame into film stardom, then globalizing his appeal through Hollywood blockbusters. He stayed sharp by adapting to different markets, languages, and genres, dabbling in acting, producing, and philanthropy. His move to invest in Singapore real estate highlights another strategy: wealth and legacy diversification through real estate holdings in a prime, exclusive district. 6. James Sheng (Alibaba) – Leedon Park In July 2022, James Sheng, one of Alibaba's original co-founders and key designer of its iconic logo, quietly shelled out S$50 million for a 25,130 sq ft Good Class Bungalow in Leedon Park—near Holland Road—perhaps matching both his stature and his style. Photo: FB/ + Google Maps via Uchify How he got rich: Sheng launched his entrepreneurial journey in 1999 alongside Jack Ma, helping build Alibaba from a humble startup into a global e-commerce powerhouse. As Senior Vice President of Alibaba and current Managing Director of Alibaba Singapore, he led product and platform strategy, scaling both Alipay and B2B services between 2005 and 2014. His wealth springs from Alibaba's monumental growth, local executive pay, and significant equity holdings. His strategy: Sheng is a rare blend of creative vision and operational leadership—he sketched Alibaba's smiling logo, embedding the company's customer-first philosophy into its branding from day one. His strategic focus was on scaling high-impact digital platforms—like Alipay—gaining market dominance through seamless UX and wide adoption. In Singapore, he continues to steer Alibaba's expansion, blending global strategy with local execution to drive prosperity. 7. James Dyson (Dyson) – Cluny Road James Dyson (78), a permanent resident in Singapore, landed an S$45 million GCB at 50 Cluny Road after snapping up a penthouse for S$73.8 million (and selling at a loss—yes, billionaires misstep too). Photo: Wikimedia/James_Dyson + ArchDaily via Uchify How he got rich: Dyson earned a degree in engineering at the Royal College of Art, then chased bagless vacuum prototypes for 5,127 tries before success. He launched Dyson Ltd in 1991. Today, the company's product line spans vacuums, air dryers, fans, haircare, and even electric cars (with mixed results). His business moves: Dyson's wealth isn't founder's luck: he retained firm majority control, reinvests heavily in R&D, and holds hundreds of patents. His volcanic perfectionism makes product — even packaging — a geeky spectacle. His GCB purchase follows his strategy: big bets that yield global returns. 8. 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