Issue #20: What’s Happening This Week? Trump’s Tariff War, HSBC’s New Invite-Only Card, and More

From Trump’s latest tariffs shaking global markets to rising COE prices, there’s plenty to unpack in the world of money this week. We also saw a rebound in software engineer salaries, but surprisingly, AI roles didn’t get the same boost. Plus, a new credit card for the ultra-wealthy launched, and fresh insights reveal when most Singaporeans hope to achieve financial freedom.

Let’s dive into what’s happening this week—quick, simple, and zero jargon.

TLDR;  Trump’s tariffs rattle global markets—the US-China trade spat heats up with steep new tariffs, shaking markets and prompting Singapore to prep for economic turbulence. HSBC launches their most prestigious credit card to date—an invite-only card called HSBC Privé, packed with luxury perks for ultra-wealthy clients, is now available in Singapore. Software engineer salaries up 3.3%, but AI hype doesn’t boost pay—tech pay is a mixed bag this year, with software engineers seeing a rebound while AI roles take an unexpected dip. Most Singaporeans aim for financial independence by 60—a new CIMB survey found that while 72% believe financial independence is realistic, only 43% feel confident about managing their finances. COE prices climb again—pushing more families to consider renting instead of buying, especially as premiums for larger cars cross the $117,000 mark.

Want more details? Let’s dive in.

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

Trump’s tariffs rattle global markets

It’s all over the news this week—the US has officially imposed sweeping new tariffs on dozens of countries, including a steep 104% duty on Chinese goods. With China saying it’ll “fight to the end” and slapping the US with 84% tariffs in retaliation, a US-China trade war is starting to look like a very real possibility.

 While the situation remains fluid, here are some key highlights so far from around the world:

• A 104% tariff was slapped on Chinese imports, nearly doubling from last week’s 54%
• A universal 10% tariff on imports from many countries, including US allies, also kicked in
• The S&P 500 suffered its steepest decline since its inception in the 1950s
• Singapore’s stock market fell more than 1%, along with drops in Sydney and Seoul
• Tokyo tumbled 4%, while Taipei slid almost 6%
• European markets slumped, especially pharmaceutical stocks, after Trump hinted at future tariffs on the sector
• Oil prices dropped over 2%, hitting 4-year lows on fears of weaker global demand
• New Zealand and India cut interest rates to soften the economic blow

We could go on. But for now, let’s turn our attention to Singapore.

What do Trump’s tariffs mean for Singaporeans?

As a small, trade-reliant economy, Singapore is especially sensitive to global disruptions like these new tariffs. Sectors such as manufacturing, wholesale trade, and financial services could take a hit if global demand weakens. That, in turn, might lead to fewer job opportunities or slower wage growth—especially if companies cut back on hiring or move operations elsewhere.

To get ahead of these challenges, the government has set up a national task force led by DPM Gan Kim Yong. It brings together representatives from government agencies, employer groups, unions, and the private sector to support businesses and workers who may be affected.

Some support measures are already in place under Budget 2025, including tax rebates for businesses and cost-of-living relief for households. The Ministry of Trade and Industry is also reviewing Singapore’s economic growth forecast for the year.

With the global outlook increasingly uncertain and trade rules in flux, Singapore is preparing for more turbulence ahead. It plans to work more closely with regional partners in ASEAN to stay resilient and keep trade flowing.

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ALSO READ: Tariffs, Trump, Inflation, and Market Crashes: What’s Going On?

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HSBC launches their most prestigious credit card to date—HSBC Privé

HSBC has just rolled out HSBC Privé in Singapore—its first premium credit card for Global Private Banking clients. After launching in Hong Kong and India, Singapore is the next stop in its Asia expansion.

Made in collaboration with Mastercard, the card is by invitation only and designed for high-net-worth individuals who travel often, live globally, and enjoy the finer things in life. Privé comes packed with perks: access to over 150 private clubs and lounges around the world, complimentary business class flights, hotel upgrades, airport transfers, Michelin-starred dining, and even green fees at premium golf courses.

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ALSO READ: Priority Banking in Singapore (2025): Benefits, Eligibility, And More

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Software engineer salaries up 3.3%, but AI hype doesn’t boost pay

There’s some good news for tech workers this week. According to NodeFlair’s 2025 Asia Tech Salary Report, software engineer salaries in Singapore have bounced back with a 3.3% year-on-year increase—reversing last year’s 1.0% decline. It’s a welcome boost in a sector that’s still facing ongoing uncertainty from layoffs and hiring freezes.

Here’s a surprise: Despite all the buzz around AI, salaries in AI-related data roles actually fell by 1.2% to 2.4%. Many companies are relying on ready-made AI tools like OpenAI’s APIs, which has reduced the demand for data specialists.

Here’s a snapshot of some of the report’s key findings:

• Software engineer salaries up by 3.3%
• AI/data-related roles saw salary dips of 1.2% to 2.4%
• Cybersecurity salaries fell the most, down 4.6%
• Blockchain salaries rose sharply at the top end (28–41%), while mid-range earners saw declines

Check out NodeFlair’s Tech Salary Report 2025 for more details.

 

Most Singaporeans aim for financial independence by 60: CIMB study

Do you want to FIRE? According to a recent CIMB Singapore report, most (63%) Singaporeans want to be financially independent by the age of 40 to 60. The study, which surveyed over 500 Singapore residents aged 26 to 60, has shed light on how locals view financial independence—and what’s getting in their way. 

Here’s what stood out:

• 63% aim to achieve financial independence between ages 40 to 60
• 52% think they’ll need more than $1 million to get there
• 72% believe financial independence is realistic, but only 43% feel confident about managing their finances
• Residents under 30 are the most optimistic about hitting their financial goals early
• Top barriers to financial independence: high cost of living, family responsibilities, and low income
• 39% often or always feel anxious about their financial future, with anxiety highest among those aged 40–50
• Of those with financial plans, only 48% have started saving for retirement—many cite CPF reliance and other priorities as reasons for the delay

 

COE prices climb again—larger car premiums cross $117,000

COE prices continued their upward trend this week, with most categories seeing increases in the latest bidding exercise on 9 Apr 2025. Here’s a quick breakdown:

• Category A (smaller cars): rose to $97,724 (up from $94,502)
• Category B (larger/more powerful cars): climbed to $117,899 (up from $116,890)
• Open category: edged up to $117,002
• Motorcycles: rose to $9,889 (up from $9,511)
• Commercial vehicles: fell slightly to $68,782

In total, there were 4,734 bids for just 2,882 COEs.

Rising COE prices are pushing some families to consider renting instead of owning—especially during festive periods like Hari Raya, where rental demand reportedly jumped by around 30%. Meanwhile, the Land Transport Authority recently rolled out new rules requiring vehicle history disclosure for private-hire cars, in a bid to improve transparency and manage fleet supply.

 

That’s it for this week! Stay tuned for next week’s What’s Happening This Week to keep up with the latest in finance, business, and beyond.

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About the author

Vanessa Nah likes her finance articles the way she likes her sitcoms—light-hearted, entertaining, and leaving people knowing a little more about life. She believes money—like life—should be made simple. Outside of work, you’ll find Vanessa attending dance classes, fingerpicking a guitar, and fulfilling her life mission to make her one-eyed cat the most spoiled kitty in the world.

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