In a results briefing on May 7, group CEO Wee Ee Cheong says: “It’s still a very fluid situation, and the impact is too early to quantify. The global outlook has changed significantly. The world order has been disrupted by US tariffs. While it is too early to quantify the exact impact, we expect growth to slow in the near term.”
US President Donald Trump’s tendency to swing from one topic to another, walk back on tariffs for some countries, postpone tariffs on most countries, and change his mind on many issues by the hour makes it difficult for businesses to commit to investing in manufacturing, or anything else.
United Overseas Bank (UOB) has temporarily paused its guidance and outlook on net interest margins (NIM), fee income and loan growth due to the uncertainty and volatility caused by the Trump administration.
