Malaysia Seeks Less than 20% Tariff Ahead of Call With Trump
Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US
Why the Federal Reserve's Building Renovation Costs $2.5 Billion
The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction
Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom
Prime Minister Anwar Ibrahim will speak with Trump 'when we complete the negotiations,' Zafrul told Bloomberg News. The US president has threatened a 25% levy — separate from sectoral tariffs — unless the Southeast Asian nation reaches an agreement with his administration.
'The direction is to get to as low as possible,' Zafrul told reporters. 'I think we can get to a number which we feel is fair for both parties.'
Malaysia isn't ready to close negotiations yet as it is still finalizing details with the US, Zafrul said.
The government is seeking to lower tariffs to about 20%, but is reluctant to meet certain demands around electric vehicles and foreign ownership, Bloomberg reported this week, citing people familiar with the matter.
So far, Malaysia has made progress addressing US concerns over the smuggling of high-performance semiconductors, but has resisted Washington's demands for an extension of tax breaks on American electric vehicles, a reduction of foreign shareholding limits in the politically-sensitive power and financial sectors, and a cut in subsidies for local fisherman — a major vote bank, the people said.
The world's largest economy ran a goods trade deficit with Malaysia of $24.8 billion last year, according to data from the Office of the US Trade Representative. The US was also the biggest foreign investor in the country in 2024.
The threat of steeper tariffs has weighed on Malaysia's trade-reliant economy. The nation's central bank cut interest rates this month by a quarter point to preemptively support the economy, warning that 'the balance of risks to the growth outlook remains tilted to the downside.'
Burning Man Is Burning Through Cash
Elon Musk's Empire Is Creaking Under the Strain of Elon Musk
It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan
A Rebel Army Is Building a Rare-Earth Empire on China's Border
What the Tough Job Market for New College Grads Says About the Economy
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Sterling bounces off two-year low on euro, soft on dollar
LONDON (Reuters) -The pound briefly hit a two-year low versus the euro on Monday, before rebounding, and dipped on the dollar, though its moves were largely a function of those elsewhere as investors digested the announcement of an EU-U.S. trade deal. The pound was last down 0.2% on the dollar at $1.34185, its lowest in a week, having struggled late last week because of soft British retail sales and business activity data. The pound was more volatile against the euro, which rose as high as 87.69 pence in early Asia trade, its highest since May 2023, as its gains last week were extended in a kneejerk bounce after the announcement of the trade deal. The common currency then reversed course, both broadly, and on the pound, as investors speculated that U.S. trade deals, in aggregate, would boost the dollar and so the euro's gains at its expense would cease. [FRX/] On the pound the euro was last down 0.5% at 86.99 pence. Investors are divided on sterling, partly due to disagreement on whether the Bank of England will step up the pace of its rate cuts later this year, something that would weigh on the currency. Inflation in Britain has proven sticky, meaning policymakers are loath to cut rates too quickly unless they are forced to, and recent data - soft but not terrible - has not yet definitively answered that question. "Another round of only modestly weaker data than expected were enough to push sterling to fresh lows versus the euro," said Barclays analysts in a note. "In our view, the pound's weakness is overdone and due a correction," they said, anticipating that the euro will fall to around 85 pence, which would be consistent with the gap between British and euro zone interest rates. Others expect that more BoE cuts, while the ECB now appears to be on hold, would hurt the pound against the euro. Nomura analysts see the euro rising to 89.75 pence. Little British economic data is due this week. The BoE meets next week, and markets are all but fully pricing in a 25 basis point rate cut, one of only two more they expect this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
Mastercard extends payment collaboration with Uber
Mastercard has extended its partnership with Uber, focusing on improving payment solutions for drivers, couriers, and Mastercard users on the Uber platform. As part of this collaboration, Uber will utilise a variety of Mastercard products and services, including Mastercard Move for real-time disbursements, Mastercard One Credential to streamline the payment experience, and Mastercard Gateway capabilities for collections, to bolster its business operations. The Uber Pro Card, which Mastercard currently supports in the US and Canada, has been renewed in those markets and will see an expansion into new regions, including the UK. This card enables Uber drivers and couriers to receive instant payments at no cost after each trip or delivery, along with benefits such as leading cash-back rewards on fuel purchases, according to Mastercard. Mastercard co-president of Global Partnerships Sherri Haymond said: 'This partnership connects over 3.5 billion cards and more than 150 million merchants that accept Mastercard globally together with Uber's community of over 8.5 million earners and 170 million users worldwide. 'By leveraging Mastercard's end-to-end payment solutions, this deepened work will provide integrated, trusted and seamless payment experiences for Uber's workers, small business owners, and consumers while also supporting Uber's growth.' In conjunction with this expansion, the Uber Pro Card will also enhance payment experiences by incorporating Mastercard One Credential, a single digitally connected credential that provides greater payment options. Additionally, Uber's global customer base will gain access to Mastercard's consumer payment products and services, including its Offers Platform, which will introduce unique benefits and added value for Mastercard cardholders purchasing delivery and mobility services on Uber's platform. Mastercard Gateway, the company's global processing and fraud prevention solution, will also be employed to enable Uber to accept a diverse range of digital transactions swiftly and securely. Uber vice president of Global Commerce Karl Hebert said: 'We could not be more excited to be deepening our relationship with a similarly forward-thinking and innovative business like Mastercard. 'At the heart of this partnership is a desire to grow benefits for all our mutual customers, be it the businesses that rely on Uber to earn each day, or those using the platform to Go Anywhere and Get Anything.' "Mastercard extends payment collaboration with Uber" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
The winners and losers in US-EU trade deal
The US and EU have struck what is being billed as the largest trade deal in history, after talks in Scotland. It actually resembles the framework for an agreement rather than a full trade deal, with details still unclear. But the headline figures announced by President Donald Trump and EU chief Ursula von der Leyen do offer clues about which sectors and groups could be hit hardest or have most to gain. Follow reaction live Trump - winner After promising new trade deals with dozens of countries, Trump has just landed the biggest of them all. It looks to most commentators that the EU has given up more, with instant analysis by Capital Economics suggesting a 0.5% knock to GDP. There will also be tens of billions of dollars pouring into US coffers in import taxes. But the glowing headlines for Trump may not last long if a slew of economic data due later this week show that his radical reshaping of the US economy is backfiring. Figures on inflation, jobs, growth and consumer confidence will give a clearer picture on whether Trump's tariffs are delivering pain or gain. US consumers - loser Ordinary Americans are already aggrieved at the increased cost of living and this deal could add to the burden by hiking prices on EU goods. While not as steep as it could have been, the hurdle represented by a 15% tariff rate is still significant, and it is far more pronounced than the obstacles that existed before Trump returned to office. Tariffs are taxes charged on goods bought from other countries. Typically, they are a percentage of a product's value. So, a 15% tariff means that a $100 product imported to the US from the EU will have a $15 dollar tax added on top - taking the total cost to the importer to $115. Companies who bring foreign goods into the US have to pay the tax to the government, and they often pass some or all of the extra cost on to customers. Markets - winner Stock markets in Asia and Europe rose on Monday after news emerged of the deal framework. Under the framework, the US will levy a 15% tariff on goods imported from the EU. While this rate is significant, it is less than what it could have been and at least offers certainty for investors. The agreement is "clearly market-friendly, and should put further upside potential into the euro", Chris Weston at Pepperstone, an Australian broker, told AFP. European solidarity - loser The deal will need to be signed off by all 27 members of the EU, each of which have differing interests and levels of reliance on the export of goods to the US. While some members have given the agreement a cautious welcome, others have been critical - hinting at divisions within the bloc, which is also trying to respond to other crises such as the ongoing war in Ukraine. A big Trump win but not total defeat for Brussels French Prime Minister Francois Bayrou commented: "It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission." He was joined by at least two other French government ministers as well as Viktor Orban, the Hungarian leader, who said that Trump "ate von der Leyen for breakfast". Carmakers in Germany - loser The tariff faced by importers bringing EU cars to the US has been nearly halved, from the rate of 27.5% that was imposed by Trump in April to a new rate of 15%. Cars are one of the EU's top exports to the US. And as the largest manufacturer of cars in the EU - thanks to VW, Mercedes and BMW - Germany will have been watching closely. Its leader, Friedrich Merz, has welcomed the new pact, while admitting that he would have welcomed a "further easing of transatlantic trade". That downbeat sentiment was echoed by the German carmaking trade body, the VDA, which warned that even a rate of 15% would "cost the German automotive industry billions annually". Carmakers in the US - winner Trump is trying to boost US vehicle production. American carmakers received a boost when they learned that the EU was dropping its own tariff on US-made cars from 10% to 2.5%. Theoretically that could result in more American cars being bought in Europe. That could be good for US sales overseas, but the pact is not all good news when it comes to domestic sales. That is down to the complex way that American cars are put together. Many of them are actually assembled abroad - in Canada and Mexico - and Trump subjects them to a tariff of 25% when they are brought into the US. That compares with a lower tariff rate of 15% on EU vehicles. So US car makers may now fear being undercut by European manufacturers. EU pharmaceuticals - loser There is confusion around the tariff rate that will be levied on European-made drugs being bought in the US. The EU wants drugs to be subject to the lowest rate possible, to benefit sales. Trump said pharmaceuticals were not covered by the deal announced on Sunday, under which the rate on a number of products was lowered to 15%. But von der Leyen said they were included, and a White House source confirmed the same to the BBC. Either scenario will represent disappointment for European pharma, which initially hoped for a total tariffs exemption. The industry currently enjoys high exposure to the US marketplace thanks to products like Ozempic, a star type-2 diabetes drug made in Denmark. This has been highlighted in Ireland, where opposition parties have pointed out the importance of the industry and criticised the damaging effect of uncertainty. Ireland 'not celebrating' Trump's EU deal US energy - winner Trump said the EU will purchase $750bn (£558bn, €638bn) in US energy, in addition to increasing overall investment in the US by $600bn. "We will replace Russian gas and oil with significant purchases of US LNG [liquified natural gas], oil and nuclear fuels," said Von der Leyen. This will deepen links between European energy security and the US at a time when it has been pivoting away from importing Russian gas since its full-scale invasion of Ukraine. Aviation industry in EU and US - winner Von der Leyen said that some "strategic products" will not attract any tariffs, including aircraft and plane parts, certain chemicals and some agricultural products. That means firms making components for aeroplanes will have friction-free trade between the huge trading blocs. She added that the EU still hoped to get more "zero-for-zero" agreements, notably for wines and spirits, in the coming days. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
