For all the doomsaying about US President Donald Trump's trade and economic policies, the world's biggest economy has held up relatively well, at least on the surface. Markets are up, trade demand remains firm and the Federal Reserve is moving toward interest rate cuts, which could spur more activity.

But Steven Okun, founder and CEO of APAC Advisors, warns that the worst is yet to come. Global exports that surged in the run-up to August’s reciprocal levies are cooling, the US labor market is slowing, and markets will react once the data confirms economists’ warnings, he says. Though the slew of global levies provides some clarity, questions remain over Trump's motivations on trade policy and his tendency to upend matters with one social media post. Okun speaks with John and Katia from Singapore.

Join us for Bloomberg's Investment Management Summit in Singapore on Oct. 7, featuring leading investors, asset managers and experts, to unlock insights and strategies for geopolitical volatility, technology innovation and sustainable growth. Also catch John and Katia for a live episode recording with Matthew Michelini, head of Asia-Pacific at Apollo Global Management. See you there!

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