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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
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Liquidators Seek to Recover S$855 Million in Singapore Nickel Scandal

The liquidators of three companies involved in the nickel scandal allegedly orchestrated by Ng Yu Zhi are seeking a court order to recover about S$855 million (US$637 million) from Ng and three other individuals, the Straits Times reported.

Key Details

  • Defendants: Ng Yu Zhi, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng.
  • Legal Action: The liquidators of Envy Global Trading, Envy Asset Management, and Envy Management Holdings filed a lawsuit in November 2021 to recoup investors' funds.
  • Civil Trial: The trial commenced on July 30 at Singapore’s High Court. Ng, currently in remand, did not attend the trial.

Background

  • Allegations: Ng Yu Zhi is accused of raising funds from investors for fictitious nickel trades. In 2021, Bloomberg reported that hundreds of investors had invested in the purported US$1.1 billion scheme linked to Ng’s Envy Group, which promised average quarterly gains of 15%.
  • Investor Impact: The scheme attracted significant investment from numerous individuals, under the false pretense of lucrative nickel trading.

Legal Proceedings

The civil trial aims to establish the liability of Ng and the other defendants for the substantial financial losses suffered by investors due to the fraudulent scheme. The liquidators are focused on recovering the misappropriated funds to compensate the affected investors.

Current Status

As the trial progresses, the court will hear evidence and arguments from both sides to determine the extent of the defendants' liability and the potential recovery of the funds. The outcome will have significant implications for the investors and the defendants involved in this high-profile case.

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