Temasek portfolio value hits high; says US risks likely peaked

Singapore's state investor Temasek reported yesterday an 11.6% year-on-year jump in its net portfolio value to a record S$434 billion ($340 billion), and said risks around US immigration, tariff and fiscal tightening policies had likely peaked.

- YANTOULTRA NGUI

US President Donald Trump opened a new phase on Monday in his trade war, telling partners from powerhouse suppliers such as Japan and South Korea to minor players including Malaysia that they face higher tariffs from Aug 1.

“We still have to be watchful of the tariff developments over the next few weeks and months,” Lim Ming Pey, Temasek’s joint head of corporate strategy, told Reuters in a briefing.

Temasek’s chief investment officer Rohit Sipahimalani said tariffs were not expected to return to the levels seen on Trump's “Liberation Day” on April 2, while some earlier risks such as fiscal tightening that would slow US growth had eased with the passage of his sweeping tax-cut and spending bill.