Reciprocal tariffs spark sharp market sell-off and increase recession risks
This paper discusses the major tariff announcements by U.S. President Trump, and the investment implications.
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banks, merchant banks, finance companies, insurance companies/ co-operative societies and trust companies (if appropriately licensed under applicable Singapore law);
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Act, the Finance Companies Act, the Monetary Authority of Singapore Act, the Insurance Act, the Trust Companies Act or such other Act as may be prescribed by regulations made under section 341 of the SFA;
persons (other than individuals) who carry on the business of dealing in bonds with Accredited Investors (as defined below) or "expert investors" (i.e. persons whose business involves the acquisition and disposal, or the holding, of capital markets products (whether as principal or agent), prescribed trustees and any other persons that the "MAS" may prescribe);
trustees of such trust as the MAS may prescribe, when acting in that capacity; and
persons who have been declared by the MAS as Institutional Investors (These include: (i) designated market-makers; (ii) headquarters companies or finance and treasury centres which carry on approved business involving fund management under the Income Tax Act; (iii) persons who undertake fund management activity (whether in Singapore or elsewhere) on behalf of not more than 30 “qualified investors”; (iv) service companies which carry on business as an agent of a member of Lloyd’s; (v) corporations the entire share capital of which is owned by an Institutional Investor or by persons all of whom are Institutional Investors; and (vi) partnerships (other than a limited liability partnership within
the meaning of the Limited Liability Partnerships Act) in which each partner is an Institutional Investor).
An Accredited Investor is defined as:
an individual (i) whose net personal assets exceed S$2 million in value (or its equivalent in a foreign currency) (in determining the value of an individual’s net personal assets, the value of the individual’s primary residence is to be calculated by deducting any outstanding amounts in respect of any credit
facility that is secured by the residence from the estimated fair market value of the residence, and is capped at S$1 million); (ii) whose financial assets (net of any related liabilities) exceed in value S$1 million (or its equivalent in a foreign currency), where “financial asset” means a deposit as defined in section 4B of the Banking Act, an investment product as defined in section 2(1) of the FAA or any other asset as may be prescribed, or (iii) whose income in the preceding 12 months is not less than S$300,000 (or its equivalent in a foreign currency);
a corporation with net assets exceeding S$10 million in value (or its equivalent in a foreign currency);
the trustee of any of the following trusts: (a) any trust all the beneficiaries of which are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the SFA; (b) any trust all the settlors of which (i) are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the SFA; (ii) have reserved to themselves all powers of investment and asset management functions under the trust; and (iii) have reserved to themselves the power to revoke the trust; or (c) any trust the subject matter of which exceeds S$10 million in value (or its equivalent in a foreign currency);
an entity (other than a corporation) with net assets exceeding S$10 million in value (or its equivalent in a foreign currency);
a partnership (other than a limited liability partnership) in which every partner is an Accredited Investor; or
a corporation the entire share capital of which is owned by one or more persons, all of whom are Accredited Investors;
a person who holds a joint account with an Accredited Investor, in respect of dealings through that joint account.
