Macro Insights Weekly - Liberation Day 2.0: Weighing options

The US adminstration plans to annouce the tariff rates (and deals) this week, but will take effect on 1 Aug.
Trading partners have endured a busy few weeks of travelling the Asia-Washington corridor.
Three trade deals have been signed, with few common undercurrents. Finer details are still pending.
Asean's exports to the US have risen sharply in 2025 thus far, but at a modest pace to rest of the world.
We draw up a few possibilities.
On FX, while we remain negative on the USD in the longer term, it may be due for a modest correction or a consolidation.
US treasuries were sanguine about the passing of the One Big Beautiful Bill (OBBB). Risks remain.