On 2 April 2025, the US is expected to announce sweeping tariffs as it concludes its pivotal trade review. This will be a key moment in Trump’s second term which will significantly impact the global economy and markets.
At the same time, investors are unsettled that Trump 2.0’s tariff policy has been characterised by uncertainty and reversals, while fears of stagflation has risen, especially given the White House’s “no pain, no gain” message - which signals a tolerance for some economic downside.
What will the implications of the 2 April announcements be on US and its trading partners? What is the risk of a US recession? What are the risks and opportunities for investors?
Global Chief Investment Officer, Bank of Singapore, Bank of Singapore
Chief Investment Strategist, Bank of Singapore, Bank of Singapore
Chief Economist, Bank of Singapore, Bank of Singapore
Currency Strategist, Bank of Singapore, Bank of Singapore
Sim Moh Siong is Currency Strategist for Bank of Singapore, where he plays a leading role for analysing and forecasting currency and commodity trends. Moh Siong is a key member of Bank of Singapore’s Investment Committee, which determines the bank’s overall investment direction. He appears on CNBC and Bloomberg Television.
Moh Siong brings with him more than two decades of experience in macro and financial market research. He was previously a regional economist and financial market strategist with Citigroup, with experience covering institutional investors around the world. Moh Siong graduated with a Master’s degree in Economics from the London Schol of Economics and began his career with a research think tank in London.
Head of Equity Research, Bank of Singapore, Bank of Singapore
Low Pei Han, CFA, is the Head of Equity Research at the Chief Investment Office of Bank of Singapore and she leads a dynamic team of analysts dedicated to delivering insightful, actionable equity research to institutional and private clients.
With over 15 years of experience in the finance industry including her days as a sell-side analyst at OCBC Investment Research, Pei Han brings a wealth of knowledge and a proven track record of identifying investment opportunities across various sectors and markets. She has won awards (Top Stock Pickers, Top Earnings Estimators, Asia’s Best Analyst in Oil and Gas) from the Refinitiv StarMine Analyst Awards by LSEG (London Stock Exchange Group), as well as The Wall Street Journal.
Pei Han is a CFA charter holder. She attained her undergraduate degree from the Tepper School of Business at Carnegie Mellon University and her master’s degree from the Saïd Business School at the University of Oxford.
Senior Investment Strategist, Bank of Singapore, Bank of Singapore
Joseph Ng is a Senior Investment Strategist within the highly regarded Chief Investment Office in Bank of Singapore. Joseph provides thought leadership on a host of cross-asset investment topics, with a particular emphasis on global equities. Throughout his time in the bank, Joseph has been known for his timely calls and deep insights, and has been frequently interviewed and quoted by various media outlets. Joseph also covers the Global Technology sector for the bank, and has experience navigating a range of topical issues pertaining to the internet, cloud, and the impact of geopolitics on technology. In his earlier career, Joseph has also spent time on the sell-side in the area of real estate within Singapore and China. Joseph graduated with a BSc in Economics from the London School of Economics and holds a MSc in Management from the London Business School. Joseph is also a CFA® charterholder.
Partner and Macro Strategist, Wellington Management, Wellington Management