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I am from Mechatronics and Robotics course. Singapore relies on other countries for supplies for manufacturing. One impact is that Singapore may face delays or higher prices for parts imported from other countries. This can lead to problems like, tighter budgets, delayed or cancelled projects or less internship or hiring to reduce cost of manpower. Therefore, this can impact the industry because of the rise in tariffs.

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The rise in Tariffs would create more challenges and opportunities for the Accounting industry. A key challenge that may occur is the increased regularly and compliance complexity. The introduction of tariffs adds new layers in accounting for costs and taxes. We would need to accurately calculate the valuation of a subject matter. On the other hand, there would be an increase in the demand for advisory services. In the face of tariffs, companies will likely incur higher costs to continue their operations. Hence, they may turn to accountants to assess how tariffs affect their cost structure and profits, planning strategically and advising clients on restructuring the supply chain.

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Business Studies

Businesses will be affected by the rise in tariffs through increased cost, reduced global competitiveness and uncertainty. They will face an increase in cost as there are taxes imposed on goods, increasing the cost of imports. For businesses relying on imported raw materials, there will be higher production costs. The higher costs make businesses’ products less competitive in the global market and loss in sales to foreign competitors, due to cheaper alternatives. Businesses may need to pass on the increased cost to their customers, raising prices, affecting their competitive edge. Next, it causes uncertainty in the business environment due to the constant changes in trade policy. This can include retaliatory tariffs imposed by the government on other countries. This leads to difficulty in long-term planning and doing investments.

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One impact of the rise in tariffs is the increase in production costs. Pharmaceutical companies often import raw materials, like active ingredients and excipients. With the rise in tariffs on imports, it can raise manufacturing expenses, hence higher drug prices for consumers. This can also cause pharmaceutical companies to face restrictions in manufacturing, causing delays in production, and also lead to shortages of essential medications. With the rise in medication costs, it can also make medication less accessible to patients

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As a student pursuing a Diploma in Accountancy, I understand that increased tariffs can significantly affect global trade and business operations. The industry I am likely to enter may face challenges such as higher import costs, disrupted supply chains and tighter profit margins. This means companies will need to be more strategic with their financial planning. Accountants will play a key role in helping businesses manage rising costs, adapt to changing trade policies and make informed decisions to remain financially stable during this economic uncertainty.

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The rise in Tariffs would significantly affect the accountancy industry. There would be an increased demand for strategic financial planning. This means that accountants would be more involved in helping the business adapt to the new challenges. Accountants would also need to stay up to date on the new international trade laws and tariffs to help businesses comply with the evolving trade regulations and tax structures.

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The nursing and healthcare sector will be indirectly affected by international trade policies for exam0w the US tariffs. Many medical supplies like the personal protective equipment (PPE), syringes and pharmaceuticals are manufactured overseas and imported into countries around the world.

The increased tariffs cause the cost of these imports to rise and thus cause increased financial strain on healthcare systems.

This will significantly impact developing nations relying heavily on imported medical supplies. Some countries may experience delayed shipments or medications are unaffordable. This can hinder vaccination programs, medical services or even emergency care, thus putting the vulnerable group of people at a greater risk. Hospitals and clinics might need to adjust their budgets, potentially affecting the allocation of resources for patient care.

With fewer resources, patient care becomes difficult to manage.

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When tariffs rise, it gets more expensive for businesses to bring in the materials they need. This hits industries like manufacturing and tech hard, as their costs rise but their profit margins shrink. Companies that rely on exports also suffer since other countries may respond with their own tariffs, making it harder to sell products overseas. Supply chains can get messy too, forcing businesses to find new partners or change how they operate. All of this can lead to higher prices for consumers and slower growth for businesses. Many companies end up turning to regional markets to stay competitive, but that can also limit their reach on the global stage.

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As a business studies student, I am most likely to enter the marketing industry. The financial crisis caused by the tariffs will pose several challenges to the marketing industry such as a rise in the cost of imported goods. Hence, businesses may cut back on marketing budgets to manage the smaller profit margins. Marketing also requires understanding consumer's needs and wants. Because of the tariffs, consumers may shift toward more affordable or locally sourced products, requiring marketers to adapt their strategies accordingly. Marketers might face uncertainty while doing marketing campaigns, as they might unsure how the trade tensions will affect market stability.