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The Star
09-07-2025
- Business
- The Star
Markets becoming desensitised to Trump's tariff shifts, CGS International CEO says
US President Donald Trump. — Reuters SINGAPORE: Global financial markets are becoming "desensitised" to U.S. President Donald Trump's tariff decisions, according to CGS International Securities Group Chief Executive Carol Fong. Speaking on a panel at the Reuters Next Asia summit in Singapore, she said investors were no longer reacting as sharply to tariff changes and announcements. "If you look at the tariff situation overall, I think the markets are starting to get a bit desensitised to all the output that might come, so to speak," Fong said. "Look what happened in the last two days when the tariff (deadline) lapsed, the market didn't react badly and I think the market itself has been a bit desensitised". Trump has set a new August 1 deadline for "reciprocal" tariff rates, which will affect nearly all trading partners, unless negotiations in the coming weeks lead to reductions. Trump also said he would impose a 50% tariff on copper imports, a metal used in everything from housing to consumer electronics, vehicles, the power grid and military hardware. Treasury Secretary Scott Bessent said on Tuesday the U.S. has taken in about $100 billion in tariff income so far this year, and this could grow to $300 billion by the end of 2025. Meanwhile, Fong said there was a growing trend of Chinese companies relocating resources to Southeast Asia, driven by trade uncertainties. "In fact, we see a lot more interest for the last six to nine months for Chinese companies coming out, building potential partners to diversify their base, to improve their distribution channels," she said. The trade war, initiated by Trump's "Liberation Day" on April 2, had led to volatility in global markets and prompted some investors to shift away from U.S. assets. Despite these challenges, Uday Sareen, ING chief executive and head of wholesale banking for Asia Pacific, said during the panel discussion that Asia continued to see more inflows of foreign direct investment compared with the rest of the world. Eastspring Investments Chief Investment Officer Vis Nayar highlighted India as a standout destination for investment. "If I had to pick one (market), I would stick to India in particular because of the domestic economy and the characteristics," Nayar, speaking on the panel, said. However, he cautioned that valuations in India are expensive, requiring investors to be selective about their choices. - Reuters
Straits Times
09-07-2025
- Business
- Straits Times
Malaysia will not retaliate against US tariffs as talks continue
Sign up now: Get ST's newsletters delivered to your inbox Mr Tengku Zafrul said Malaysia still had a few more weeks to negotiate the final terms of an agreement. Malaysia has no plans to retaliate against a 25 per cent tariff levied on its exports to the United States by Washington, its trade minister Tengku Zafrul Aziz said on July 9, saying he was 'still optimistic' about reaching a trade deal. Speaking in an interview at the Reuters Next Asia summit in Singapore, Mr Tengku Zafrul said Malaysia still had a few more weeks to negotiate the final terms of an agreement. 'I'm in touch with USTR (US Trade Representative) as recently as yesterday, and we all agreed that we could continue our negotiations, so we still have time,' he said. 'We are appreciative that the timeline has been extended to first of August,' he added. 'It gives me a bit more time to refine some of the discussion.' Malaysia, a key exporter of semiconductors and electronics, was slapped with a revised 25 per cent tariff on its exports to the United States, higher than the 24 per cent rate threatened in April before President Donald Trump called a 90-day pause. 'We have no plans to retaliate for now,' Mr Tengku Zafrul said. Malaysian Prime Minister Anwar Ibrahim said on July 9 he will raise some of the tariff-related issues during his meeting with US Secretary of State Marco Rubio who is in Malaysia this week for Asean-related meetings. Top stories Swipe. Select. Stay informed. Singapore Singapore to hire 1,000 new educators annually in the next few years, up from 700 Singapore Pritam Singh's appeal against conviction, sentence over lying to Parliament set for Nov 4 Asia Why Japan and South Korea are on different paths in the latest US trade salvo World Trump says steep copper tariffs in store as he broadens his trade war Opinion Hyper-competitive classrooms feed the corporate world's narcissist pipeline Singapore Female primary school teacher allegedly committed sex acts with underage male student Singapore Man charged after he allegedly threw glass bottle at bus window, injuring passenger Singapore Police officer taken to hospital after motorcycle accident on PIE The State Department billed the trip as a first visit to Asia by America's top diplomat and a demonstration of Washington's commitment to the Indo-Pacific. 'Any unilateral tariffs will, of course, impact negatively on the economy of this country and this region. But we are still in the midst of negotiations,' Mr Anwar told reporters. Malaysia's trade ministry said on July 8 it was continuing discussions with US counterparts to address pending issues, clarify the scope and impact of the tariffs and pursue avenues for a timely conclusion to the talks. 'I am optimistic, especially in sectors that I feel there is a win-win,' Mr Tengku Zafrul said. Malaysia and other countries in Southeast Asia are among the hardest hit by Mr Trump's sweeping tariffs, as they rely on exports and manufacturing to drive economies collectively worth more than US$3.8 trillion (S$4.9 trillion), some helped by supply chain shifts from China. REUTERS
