Table 2: Weighted average bilateral tariffs Tariffs imposed by:  the US  China  US  the EU  On imports from:  China  the US  the EU  the US  Prior to any measures taken  2.6  9.1  3.3  3.0  With measures already implemented  13.7  22.4  3.7  3.3  With contemplated measures as well  25.0  25.0  6.7  7.7  Sources: Bank calculations. Notes: Measures already implemented are the US tariffs on steel and aluminium and the reciprocated 25% tariff on $ of US imports from China. Contemplated measures are 25% US tariffs on all imports from China and retaliatory measures and the US tariffs on EU motor vehicles and parts. Moreover, these estimates may underestimate the non-linear effects of tariffs on tightly integrated global supply chains. In this regard, the early indications are not promising. The more hostile and uncertain trading environment is coinciding with sharp slowdowns in global trade, manufacturing, industrial production and capital goods orders (Chart 7). As a consequence, the quality of global growth has deteriorated. Across the G7, the growth rate of business investment has almost halved since its peak in late 2017, leaving the global expansion more reliant on consumer spending (Chart 8) and reducing its resilience.6  6  BIS analysis finds that increasing shares of private consumption in GDP can be a leading indicator of future growth slowdowns.
In the area of trade finance for example, recent data shows that European banks are increasing their trade finance activities and have even regained some market share in Singapore. Three dimensions of a successful finance professional The financial industry in Asia and Singapore will continue to grow and generate good jobs. •  In 2013, Singapore’s financial sector grew by 11%, against an overall GDP growth rate of 4.1%. Growth was supported by increased activities in areas such as corporate transaction banking, trade finance, fund management, private banking and re/insurance. •  Last year, a total of 4,500 jobs were created in the financial sector, most of them in higher value-added activities. The demand for highly qualified finance professionals will only grow in the coming years. To take advantage of this opportunity, our finance professionals must acquire three things: •  depth in core competencies  •  cross-functional adaptability  •  Asian knowledge and expertise  First, depth in core competencies. Jobs in the financial industry are becoming more complex, requiring deeper knowledge, expertise, and skill sets. Take for example, a client adviser working in a wealth management function. Ten years ago, maybe he was only expected to offer advice on simple loans and basic investment products. Today, the client is more sophisticated and demanding – he expects more comprehensive  BIS central bankers’ speeches  1  and customised wealth management solutions. The banker must be able to offer advice on alternative investments, options for intergenerational wealth transfer, and risk management strategies.