The headlines of a TV interview and article published by Bloomberg on 29 October 2024 – “Singapore’s Temasek Says Trump Win Would Slow Global Growth” was misleading. It did not capture the full context of issues that would impact global growth mentioned by our Chief Investment Officer Rohit Sipahimalani during the interview.

The article selectively highlighted a Trump presidency as the only issue that we foresee may impact global growth. Rohit said that the choice of President is among a range of issues, that include AI, wars, geopolitical tensions, social unrest and sustainability, that may impact the global economy. Rohit added that markets seem complacent about tail risks, which could potentially make markets more volatile in 2025.

In addition, the article also did not provide full context on Rohit’s comment about the potential impact of tariffs. Rohit said that tariffs have the potential to create uncertainty and impact global growth, and this is a scenario we need to be watchful for. Temasek is focused on investing in companies with access to large domestic markets, such as the US, China and India, to mitigate against this potential risk.

As a global investor, we do not opine on election outcomes and will work with the government of the day. Temasek remains confident of the US market and continues to view the US as an attractive market due to its strong business fundamentals and culture of innovation. We have committed to invest $30 billion in the US over the next five years, regardless of election outcomes.