[Top-of-Mind] Moody’s US downgrade and Trump’s tariff war

Speaker: Torsten Slok, Chief Economist, Apollo Global ManagementModerator: Eli Lee, Chief Investment Strategist, Bank of SingaporeThe downgrade by Moody’s of the US government’s credit rating has reignited concerns over rising fiscal concerns, even as risk assets have staged a recovery after Liberation Day. While US-China reciprocal tariffs are now on hold, it remains difficult to ascertain if tensions will re-escalate again in future. As we look into 2026, the US mid-term elections could result in the Trump administration having to prioritise more market-friendly policies, but there remains the question as to whether risk assets have already quickly priced this in.In our Top-of-Mind podcast series, we unpack the various dimensions of these issues with leading business leaders and industry experts globally. For more market insights, go to ⁠⁠⁠Bank of Singapore Insights⁠⁠⁠ to check out our Chief Investment Office's research publications. Note: The Bank is not responsible for the accuracy or completeness of the information provided by any external presenters which may change without prior notice. The external presenters may hold views which are not representative of the views of the Bank, and such views may have been derived without discussion, consultation or agreement with the Bank. You will need to decide as to whether or not the contents are suitable for you. When you are in doubt, please seek your own independent financial, legal, tax or other advice as you deem fit. Neither the Bank nor any of its officers accept any liability for any loss whatsoever arising out of or in connection with your use of the information in the presentation.