US President Donald Trump's trade war on the world and the Federal Reserve has increased investment risk. But it's only the latest overhang for the US, with ongoing concerns about high fiscal debt exacerbated by the passage of Trump's $3.4 trillion tax and spending package.

That's prompted Idanna Appio, portfolio manager and economist at First Eagle -- a $161 billion investment manager -- to look increasingly outside the US for value. In her view, investors are too complacent about these risks, as they have yet to see the full effect of tariff and other policies on growth and inflation.

She joins John and Katia to talk about where she sees value in Asia, the many risks ahead and how she allocates money as a long-term investor.

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Investors are once again questioning the sustainability of Hong Kong's foreign exchange regime. Critics argue the Hong Kong currency's peg to the dollar, dating to 1983, no longer makes sense as the city's links with China strengthen. Authorities have already intervened at least five times this year to defend the Hong Kong dollar, spending over $11 billion.

Does a peg linking the Hong Kong dollar to the Chinese yuan, or a basket of currencies, make more sense? Could hedge funds attack the currency? Investors like George Soros and Bill Ackman have tried, and failed, to break Hong Kong's dollar peg. How many more times will the government need to intervene? Carlos Casanova, senior economist for Asia at Union Bancaire Privée, breaks down Hong Kong's currency regime and what's ahead. He joins John Lee and Katia Dmitrieva on the Asia Centric podcast.

Related news: https://www.bloomberg.com/news/articles/2025-07-15/hong-kong-defends-fx-peg-for-a-fifth-time-as-pressure-extends

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The decline in US shipbuilding and China's global dominance has Washington worried. Last year, the US built just seven commercial vessels, compared to more than 1,000 for China. This has also become a national security issue, with US shipyards struggling to meet the demands of the navy, facing production delays of up to 36 months. In response, President Donald Trump has proposed levying fees on Chinese built ships entering US ports.

These measures likely won't be enough to revive the industry, so what else can the government do? What role can defense allies South Korea and Japan play? And how will these levies impact shipping companies and global trade? Adam Farrar, senior geo-economics analyst at Bloomberg Economics and Kenneth Loh, shipping and logistics analyst for Bloomberg Intelligence, join John Lee and Katia Dmitrieva on the Asia Centric podcast.

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