Hi,

I wanted to share an important update that may help you better understand what’s happening in the global economy — and how it could affect your investments.

Recently, I came across a research paper that left a deep impression on me. It highlights how Trump’s push for tariffs is shaking up the global system — and the effects could be just as significant as COVID.

Let me explain what this means in simple terms.

1. The World Is Becoming Less Globally Connected

The U.S. is shifting away from being the global leader in trade and cooperation. The new approach is called “America First,” and it means the U.S. is focusing on its own interests over global partnerships.

We’re seeing the rise of something called modern mercantilism, where:

• Countries try to become more self-reliant
• Governments heavily support local industries they see as “strategic” (like AI and semiconductors)
• Trade becomes more transactional — less about working together

This signals a big change in how the global economy operates.

2. U.S. Stocks May Not Always Be the Best Performer

U.S. stocks have done very well in recent years, but that hasn’t always been the case.

Between 2000 and 2009, the S&P 500 delivered zero returns — this was called the “lost decade.” Meanwhile, international markets, especially emerging ones, performed much better.

With the U.S. stepping back from its global role, we could see something similar again. It’s no longer guaranteed that the U.S. will always lead the way in stock market performance.

3. AI and Tech Are Changing the Game — But It’s Still Early Days

Artificial Intelligence is bringing major changes, much like the internet did in the 1990s. But back then, many early winners didn’t stay on top.

Today, it’s still unclear who will benefit most from AI over the long term. That’s why it’s important to stay cautious and diversified, rather than chasing hype.

So What Should We Do?

In short:

• Stay diversified
• Don’t rely only on U.S. stocks for returns

There are two key reasons:

1. The U.S. is no longer playing the global guardian role for free. Countries will need to “pay” to access U.S. markets or military support.
2. Even if tariffs are rolled back in future, trust has already been broken. The world now sees the U.S. as an unpredictable partner — and that changes how other countries plan and invest.

My Focus for You

I’ll continue to look for opportunities that aren’t overly dependent on the U.S., so your portfolio remains resilient as the global landscape shifts.

Thank you for your trust. As always, if you have any questions or want to review your portfolio in light of this, just reach out.

Warm regards,

Zest Chia

Executive Wealth Consultant | Associate Estate Planning Practitioner |

Licensed General Insurance Advisory

DISCLAIMER;

This message contains privileged and confidential information from Infinity Financial Advisory Pte Ltd. If you are not the intended recipient of this electronic message, please do not disseminate, copy or take any action in reliance on it. We request you notify us immediately before deleting this message. Any views expressed in this message or attachment/s are those of the individual sender and are not necessarily the views of the company. Infinity Financial Advisory Pte Ltd uses virus scanning software and while due care and attention is taken; the company excludes all liability for any loss or damage caused whether directly or indirectly by any computer virus or other defects transmitted with any email and any attachment(s), to the extent permitted by law. It is sent on the strict condition that the user carries out and relies on its own procedures for ensuring that its use will not interfere with the recipient's systems including but not limited to scanning this email and any attachment(s) for viruses and defects before opening or sending them on. The recipient assumes all risk of use and releases the sender from all responsibility and liability for any direct or indirect consequence of use.