logo
Malaysia vows to buy more US goods in break from united Asean front on Trump's tariffs

Malaysia vows to buy more US goods in break from united Asean front on Trump's tariffs

Malaysia , facing a punishing 24 per cent tariff on its exports to the United States , announced on Friday that it would increase its imports of American goods instead of imposing retaliatory tariffs – signalling a weakening of any united regional front against the pressures of a trade war.
Advertisement
Southeast Asian nations are increasingly succumbing to external pressures and pursuing individual agreements with the US as President
Donald Trump 's White House threatens blanket levies on export-dependent countries and China calls on its regional allies to call Washington's bluff.
On Friday, Malaysia said it would negotiate ways to reduce its US$25 billion trade surplus with the US, including by easing access for American goods coming into the country, as it hunts for a reduction or exemption to tariffs.
The levies are likely to crush US demand for everything from furniture to scientific equipment and electric heaters, and shred growth forecasts.
US Senior Bureau official Sean O'Neill (second from right) at the 37th US-Asean Dialogue in Siem Reap on Tuesday. Photo: AFP
Malaysia's trade ministry
sent a delegation to Washington this week, led by Trade Minister Tengku Zafrul Abdul Aziz, who carried a message of 'openness to negotiate'.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump orders Labour official fired after weak jobs report, renews attack on Fed chief
Trump orders Labour official fired after weak jobs report, renews attack on Fed chief

South China Morning Post

time3 hours ago

  • South China Morning Post

Trump orders Labour official fired after weak jobs report, renews attack on Fed chief

US President Donald Trump on Friday ordered that the commissioner of the US Bureau of Labour Statistics, Erika L. McEntarfer, be fired after data showed employment growth was weaker than expected last month. Advertisement McEntarfer was nominated by former US president Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. 'We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified,' Trump said in a social media post. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. In the same post, Trump said that Federal Reverse Chairman Jerome Powell should be 'put out to pasture'. Advertisement 'The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting 'Kamala' elected – How did that work out? Jerome 'Too Late' Powell should also be put 'out to pasture,'' Trump said.

Ukraine war: Trump orders nuclear submarines moved near Russia after Medvedev's threats
Ukraine war: Trump orders nuclear submarines moved near Russia after Medvedev's threats

South China Morning Post

time4 hours ago

  • South China Morning Post

Ukraine war: Trump orders nuclear submarines moved near Russia after Medvedev's threats

US President Donald Trump on Friday said he had ordered two nuclear submarines to be positioned in regions near Russia in response to threats from former Russian president Dmitry Medvedev. 'I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,' Trump said in a social media post that called Medvedev's statements highly provocative. He said he ordered the submarines moved 'just in case these foolish and inflammatory statements are more than just that. Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances.' Trump did not say whether he meant nuclear-powered or nuclear-armed submarines. He also did not elaborate on the locations, which are kept secret by the US military. Trump and Medvedev, who is deputy chairman of Russia's Security Council, traded taunts in recent days after Trump on Tuesday said Russia had '10 days from today' to agree to a ceasefire in Ukraine or be hit, along with its oil buyers, with tariffs. 02:08 Trump threatens Russia with 100% 'secondary' tariffs if no deal on Ukraine ceasefire Trump threatens Russia with 100% 'secondary' tariffs if no deal on Ukraine ceasefire Moscow, which has set out its own terms for peace in Ukraine, has shown no sign that it will comply with Trump's deadline.

Wall Street slumps on Trump tariff news and weak US job data
Wall Street slumps on Trump tariff news and weak US job data

South China Morning Post

time5 hours ago

  • South China Morning Post

Wall Street slumps on Trump tariff news and weak US job data

Stocks slumped in afternoon trading on Wall Street on Friday and US Treasury yields fell sharply after the government reported a sharp slowdown in hiring last month. Markets are also reacting to the latest tariff news. US President Donald Trump once again extended the date at which punishing import taxes will take effect for a long list of countries. The tariffs are now expected to take effect on August 7 for countries that have yet to make a deal with the US. The S&P 500 fell 1.2 per cent. The decline marks a sharp shift for the index, which has not fallen by more than 1 per cent since June. It is also on track for a weekly loss following last week's record-setting streak. The Dow Jones Industrial Average fell 451 points, or 1 per cent as of 12.01pm. The Nasdaq composite fell 1.6 per cent. Worries on Wall Street about a weakening economy were heavily reinforced by the latest report on job growth in the US. Employers added just 73,000 jobs in July. That is sharply lower than economists expected. The US Labour Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls. The surprisingly weak hiring numbers led investors to step up their expectations for an interest-rate cut in September.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store