Lens on Singapore: Economic adaptation to US trade policies
A lot of conversations have revolved around rising trade tensions over tariffs currently playing out in real-time. But as consumers what do the tariffs really mean to us?
In the latest episode of Lens on Singapore, a podcast by The Business Times, I sat down with Geoff Howie, market strategist from the Singapore Exchange (SGX) and Terence Ho, deputy executive director and associate professor at the Institute for Adult Learning, Singapore University of Social Sciences, to delve into precisely that.
Rebalancing expectations
Howie highlights that six months into his presidency, President Trump's tariffs on Singapore have led to a revision of growth forecasts which have impacted market expectations and investor confidence.
I shared a personal anecdote on how tariffs have inflated prices of everyday items, such as a rubber floor mat I was intending to purchase from the US. This set the stage for Ho to muse on broader economic impacts, including the OECD's lowered global growth forecast and the negative effects on consumers and businesses in Singapore.
The challenge of uncertainty
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Howie and Ho dive deeper into the business uncertainty resulting from tariffs, engaging in a lively exchange over the long-term impacts on supply chains, consumer prices, and economic growth in Singapore. Howie explains that companies are concerned about maintaining margins and touches on how banks might react to the economic climate.
Ho in turn underscores the importance of business adaptation and economic resilience in this volatile environment. A crucial part of the discussion revolves around investment strategies.
Diversification as a hedge
Howie, who was consistent with other investment experts, once again pointed out the importance of diversification across asset classes and highlighted a trend towards the increasing demand for gold ETFs. The conversation then turned to an exchange of ideas on how businesses and investors can navigate the uncertainties, with Ho stressing the need for strategic nimbleness and cost efficiency.
Economic resilience
The episode also examines the policy responses and future projections for Singapore's economy. Ho describes the role of the Singapore Economic Resilience Task Force in making sense of the challenges and formulating responsive strategies.
We close the discussion with a discussion about the US dollar's dominance in global trade and its potential impact on Singapore.
Watch this now to gain a better understanding of the complexities of international trade, economic policies, and their ripple effects on local markets.
For more episodes, go to bt.sg/podcasts and if you have feedback or an episode idea, please get in touch at btpodcasts@sph.com.sg.
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Hosted by Claressa Monteiro, edited and produced by Claressa Monteiro, Emily Liu and Chai Pei Chieh
With Geoff Howie, market strategist, Singapore Exchange; and Terence Ho, deputy executive director and associate professor of practice, Institute for Adult Learning, Singapore University of Social Sciences
A podcast by BT Podcasts, The Business Times, SPH Media
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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice.
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