SINGAPORE (Reuters)

The CEO of Singapore’s largest bank, DBS Group (OTC:DBSDY), Tan Su Shan, stated on Thursday that businesses must prepare for increased volatility and uncertainty due to U.S. President Donald Trump’s tariffs and rethink their operations.

Tan, who became CEO of DBS—Southeast Asia’s largest bank by assets—in March this year, noted the bank had achieved record revenue and profit last year but now faces challenges from global economic instability.

Speaking to over 300 business leaders, Tan was one of the first major Asian banking executives to address the difficulties arising from Trump’s April 2 announcement of reciprocal tariffs on several countries.

“In the short term, I say buckle up. Be prepared…for uncertainty,” Tan advised, emphasizing the potential for fluctuations in interest rates, foreign exchange rates, and supply chain disruptions.

Deputy Prime Minister Gan Kim Yong attended the event, which was the first following the formation of a new taskforce he leads, aimed at assisting businesses and workers.

In the long run, Tan indicated that businesses will need to seek new supply chains and markets, becoming more strategic and agile in logistics, inventory management, finance, payments, and technology.

“The reality is that it is not business as usual anymore. We must think about the new world order more strategically,” she added.