Tariffs are likely to lift global risk premia; despite limited direct exposure, Singapore assets may face second-order trade drag. A cautious lean toward domestic defensives (banks, selective S-REITs, SGD) is reasonable rather than chasing rallies. AI signals point to continued tightness, but valuations across optical and semiconductor names appear stretched—better to trim into strength than chase prints. With US NFP a binary catalyst for rates, delaying aggressive positioning in Singapore banks until after the data reduces policy-path risk, even if it sacrifices some near-term upside.