Each week we bring you insights into one of Asia’s most dynamic economies. If you haven’t yet, please sign up here.

Trump’s tariffs have finally arrived, and reporter Phil Heijmans breaks down what it means for the region. On the retail front, Low De Wei reports on the latest efforts to refresh Orchard Road, while Andrew Janes checks out the newly expanded and rebranded Singapore Oceanarium on Sentosa. 

Trump’s Tariff Hammer

It’s been a rollercoaster for markets and the global economy ever since President Donald Trump unveiled his “Liberation Day” tariffs in April. That chaotic period may finally be winding down, at least for now, and much of Southeast Asia looks to have avoided a worst-case scenario. 

Late Thursday in Washington, Trump sent out a blizzard of decisions on tariff rates that will put US duties at their highest levels since World War II. Countries like Singapore that the US has a trade surplus with got off the easiest, with a baseline rate of 10%. 

“Liberation Day” on April 2. Photographer: Kent Nishimura/Bloomberg

That’s a level Prime Minister Lawrence Wong has said the city-state can “live with,” though he said he’d prefer to see them brought down to zero. It’s nearly half the 19% on Asean neighbors Thailand, Malaysia, Indonesia and the Philippines. And it’s far from the surprise 39% that Switzerland was handed, or the 30% rate South Africa received. 

But it wasn’t all (relatively) good news for Southeast Asia. Laos and Myanmar found themselves confronting 40% tariffs. They may be small economies, but total trade between Myanmar and the US was still $734 million last year, despite continuing US sanctions over accusations the ruling junta uses violence against civilians and suppresses democracy activists.

The US only exported about $40 million in goods to Laos last year, but imported more than $803 million in products including apparel and furniture. It’s not clear if much deep analysis went into the tariff decision against these smaller nations, but the move is almost certain to deal a heavy blow to their impoverished economies. 

The biggest impact of the tariff blitz may take months or years to unfold, as companies and countries adjust supply chains and respond to a new, uneven playing field. 

Are the good times going to slow down? Photographer: Aparna Nori/Bloomberg

In a sign of how much Trump’s second-term plans have upended expectations, some countries are breathing a sigh of relief at tariffs of 10%-20%.It’s a paradox: The average US rate before Trump took office in January was around 2%, so even the relatively benign level Singapore received is a huge increase from what it faced previously. 

To be sure, the uncertainty for Singapore and many other nations isn’t over yet. The US is still pursuing investigations into whether some imports of semiconductors and pharmaceuticals constitutes a national security risk requiring sectoral tariffs. Other countries — particularly China and Mexico — are still in a tariff “pause” on many goods as they continue to negotiate with Washington. 

And if governments have learned anything in this second Trump term, it’s that the former real estate tycoon still loves to make a deal. The most turbulent phase may be over, but you can bet many countries won’t be sitting on the sidelines even after the new duties go into effect on Aug. 7. — Phil Heijmans

Check out Bloomberg’s comprehensive tariff tracker right here. 

Weekend Catch-Up

A selection of the best of Bloomberg storytelling, from podcasts and video to explainers and feature stories.

Read:

• The kidnapping of a tycoon’s wife exposes Malaysia’s dark side
• Xi Jinping is tying his legacy and China’s economy to a $167 billion dam
• Weekend warriors are preparing for a Chinese invasion of Taiwan
• Google sees Asia as a major challenge when it comes to decarbonizing 

Watch:

The Mysterious Rise of China’s Desert AI hubs. Watch it here. 

• The US says a Cambodian conglomerate is behind billions of dollars in scams
• Why is Trump so focused on making Harvard bend the knee
• DBS’s Han Kwee Juan talks ESG at the Bloomberg Sustainable Business Summit

Listen:

• Want to understand the world of stablecoins? We break it down
• Trump’s tariffs risk a $2 trillion hit to global GDP

Orchard Road Refresh in Doubt

Under the glitzy surface of Singapore's premier shopping strip, all is not well.

While it may be Singapore’s equivalent of Regent Street in London or New York's Fifth Avenue, Orchard Road has long been seen as needing a refresh. Despite a slew of luxury retailers, the central strip of malls is a hodgepodge of architectural styles, some quite dated, with Thailand’s embassy taking up a huge plot. Traffic is brutal and walking from one end to the other in sweltering heat can be a chore. 

The government recognizes the problem. It’s sought to lure developers to reshape the strip's more unsightly and aging buildings.

But there’s a hitch in that plan. As I reported this week with my colleague Faris Mokhtar, people familiar with the situation told us that a local property firm now wants to cut its stakes in two marquee assets along Orchard, despite getting provisional permission from the government to rebuild them back in 2023.

Singapore’s answer to New York’s Fifth Avenue. Photographer: Aparna Nori/Bloomberg

Hotel Properties Ltd., controlled by billionaire Ong Beng Seng, had been planning to send bulldozers into the Forum shopping mall and what was formerly the Hilton Singapore hotel – now rebranded as voco Orchard Singapore.

It might still do so, but the company is looking to sell majority stakes in the properties, seeking a deal that would value the two adjacent assets for at least S$2 billion ($1.6 billion), according to people familiar with the matter. 

Ong has a lot on his plate these days. He’s been embroiled in the biggest political scandal to hit the city-state in decades, after facing two charges for abetting ex-transport minister S. Iswaran in obtaining gifts and obstructing the course of justice. That case should come to a head Monday, when Ong’s expected to plead guilty.

Meanwhile, Orchard’s redevelopment may continue to be in limbo. 

In Orchard’s favor is that the boulevard has long defied predictions of its demise. What was once home to nutmeg orchards (from which it got its name) and even a cemetery has so far withstood the move toward e-commerce. Even now, prime rents there still top Singapore's charts and continue to rise. But the hunt for the next tycoon (or firm) with billions to spare to rejig the strip goes on. — Low De Wei

The Review: Sentosa’s Expanded Oceanarium

From the best spots for a business lunch to weekend options for friends and family, we sample the city’s eateries, bars and new experiences.

Our compact city-state is spoiled when it comes to world-class amenities for families. It has a fantastic zoo, a UN-recognized Botanic Gardens and lots of well-designed parks and public spaces.

The latest attraction to get a makeover is the aquarium, run by Resorts World Sentosa, which has been enlarged, improved and rebranded as the Singapore Oceanarium. It reopened July 23 and was busy, but not oppressively so, when we visited last weekend.

Fried egg sea jelly. Source: Aradea Janes

Highlights: Just as temples, cathedrals and mosques are designed to inspire a sense of awe, that’s what you get when you walk in and immediately find yourself in a shrine to sea jellies. The fried egg sea jelly, which looks remarkably like its edible namesake, was a particular favorite of my 8-year-old companion.

What’s changed: The first few sections are new, and they feel more spacious than the old aquarium. After the sea jellies, you wander through displays devoted to prehistoric sea creatures and amphibians — including some extremely vivid poisonous frogs. But don’t worry: your old favorites, including the shark tunnel and massive tank with multi-level viewing areas, are still here.

Will the kids like it?: There’s definitely more hands-on stuff for kids and more educational offerings for inquiring young minds. This includes tables with interactive tops to access information, a focus on prehistoric fossils and a display where you can see aquarium staff at work. 

Minister Grace Fu, center, and Genting’s Lim Kok Thay, left, at the launch of the Singapore Oceanarium. Source: Singapore Oceanarium

Additional options: There are a number of add-on activities, but you’ll need to book these in advance. These include going behind the scenes to learn how the sea jellies are cared for, having a close-up experience with the dolphins, or, if you’re feeling really adventurous, doing a scuba dive alongside the marine life.

Need to know: Tickets for adult residents range from S$42 on weekdays to S$49 during peak periods. Kids aged 4-12 and seniors get a discount. It’s definitely worth downloading the Oceanarium app before you visit. As well as giving you a preview of what’s on offer, you’ll be able to use it to make the most of some new augmented reality features. — Andrew Janes

Have a place you’d like us to review or feedback to share? Get in touch at sgedition@bloomberg.net.

Thanks for reading our newsletter! Subscribe here if you haven’t already.

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Next China provides dispatches from within the world’s second-largest economy on where China stands now — and where it’s going next
• Hong Kong Edition for following the money and people shaking up the Asian finance hub
• India Edition for an insider’s guide to the emerging economic powerhouse
• Watch Club for exclusive news about timepieces, plus access to special events and meetups
• Explore all Bloomberg newsletters at Bloomberg.com.