Rio mounts major security operation for BRICS summit
Officials say about 20,000 military personnel will be deployed to guard leaders from 28 countries and seven international organizations, including the UN and the World Bank.
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Malaysian Reserve
31 minutes ago
- Malaysian Reserve
Trump sends tariff letter to PM Anwar, King
IF you were wondering if that weirdly worded letter came from President Donald Trump, doubt no more. The United States president has just released a batch of letters to about a dozen countries, including Malaysia, inviting them to 'participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.' Malaysia has been slapped a 25% tariff rate. The letters were addressed to Prime Minister Datuk Seri Anwar Ibrahim and His Majesty Sultan Ibrahim, King of Malaysia. Similarly, the letter to Thailand was also addressed to its PM and monarch. In the almost identical letters, Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea, and signed an executive order holding off the new duties until Aug. 1. Trump also announced 25% rates on Malaysia, Kazakhstan and Tunisia, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. Other nations hit with levies included Indonesia with a 32% rate, Bangladesh with 35%, and Thailand and Cambodia with duties of 36%. Bosnia received a 30% levy, while Serbia faces a 35% rate. On Monday, he signed an executive order that delays the new rates until Aug. 1 for all nations facing the reciprocal tariffs, effectively buying each affected nation an extra three weeks to cut a deal with the White House, reported Bloomberg. The first batch of letters went out to Japanese PM Shigeru Ishiba at about 1am, today. Two hours later, at about 3am Malaysian time (according to the time stamp on the letter), the second batch started going out, with Malaysia leading the group. It included Kazakhstan, South Africa, Laos and Myanmar. And another two hours later, came the next batch of letters for Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand. At about 7am, Monday (Malaysian time), Trump posted this on his Truth Social account: 'I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America.' This was followed by this: 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Here is the letter in full: His Excellency Dato' Seri Anwar bin Ibrahim Prime Minister of Malaysia Kuala Lumpur Dear Mr. Prime Minister: It is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship, and the fact that the United States of America has agreed to continue working with Malaysia, despite having a significant Trade Deficit with your great Country. Nevertheless, we have decided to move forward with you, but only with more balanced, and fair, TRADE. Therefore, we invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far. We have had years to discuss our Trading Relationship with Malaysia, and have concluded that we must move away from these longterm, and very persistent, Trade Deficits engendered by Malaysia's Tariff, and Non Tariff, Policies and Trade Barriers. Our relationship has been, unfortunately, far from Reciprocal. Starting on August 1, 2025, we will charge Malaysia a Tariff of only 25% on any and all Malaysian products sent into the United States, separate from all Sectoral Tariffs. Goods transshipped to evade a higher Tariff will be subject to that higher Tariff. Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country. As you are aware, there will be no Tariff if Malaysia, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks. If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge. Please understand that these Tariffs are necessary to correct the many years of Malaysia's Tariff, and Non Tariff, Policies and Trade Barriers, causing these unsustainable Trade Deficits against the United States. This Deficit is a major threat to our Economy and, indeed, our National Security! We look forward to working with you as your Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter. These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with The United States of America. Thank you for your attention to this matter! With best wishes, I am, Sincerely, DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA
Malay Mail
an hour ago
- Malay Mail
US stocks retreat from records on Trump tariff deluge
NEW YORK, July 8 — Stock markets were mixed yesterday with US indices retreating from records as President Donald Trump's aggressive trade policy came back to the forefront, reviving worries about trade wars and inflation. 'Tariff threats look likely to take centre stage yet again this week, following further developments over the weekend,' noted Richard Hunter, head of markets at Interactive Investor. After warning of a tariff hike of 10 per cent on countries aligning themselves with the emerging BRICS nations, Trump announced plans for 25 per cent tariffs on Japan and South Korea from August 1 if the countries do not reach a deal. Trump issued similar letters to South Africa, Malaysia, Myanmar, Laos and Kazakhstan, saying he would slap duties on their products ranging from 25 per cent to 40 per cent. Later yesterday, he announced additional levies on Indonesia, Cambodia and other countries. The broadsides revived attention on trade after the issue had receded for a few weeks while Congress debated Trump's sweeping fiscal package and worries about the Iran-Israel conflict took certain stage. Major US indices fell, with the S&P falling 0.8 per cent, retreating from a record. The likelihood that Trump's statements are a bargaining tactic is one reason losses weren't 'even worse,' said Steve Sosnick of Interactive Brokers. 'No one really wants to overreact negatively right now, which is why we're seeing a bit of a sell-off, but not a major sell-off,' he said. The White House has said several deals were in the pipeline but only two have been finalized so far, with Britain and Vietnam. The administration had previously set a July 9 deadline to reach agreements. The White House now says it will hike tariffs on August 1 on trading partners that don't strike a deal. Despite the tariff uncertainty, official data yesterday showed German industrial production rose strongly in May, boosting hopes that Europe's top economy has turned a corner. The news lifted German equities which gained 1.2 per cent for the day. Paris added 0.4 per cent, while London dipped 0.2 per cent. Asia's main stock markets mostly steadied. Opec+ hike The oil market was also in focus after Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would increase oil output in August by 548,000 barrels per day, more than expected. The group said in a statement that 'a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,' led to the decision. IG analyst Chris Beauchamp said that crude prices would ordinarily be expected to drop when additional supply is being brought to market. 'Crude's strength today suggests that buying momentum is clearly picking up,' he said. 'The bearish theme that has dominated for so long seems to have run its course, even if more increases are expected in September,' he added. Among individual companies, Tesla tumbled 6.8 per cent after Trump blasted CEO Elon Musk's plan to launch a new political party in opposition to the president's hallmark legislation, the so-called 'Big Beautiful Bill.' The back-and-forth escalated a conflict between the president and the world's richest man at a time when investors had hoped Musk would refocus on Tesla and his other ventures and shift attention from politics. — AFP
Malay Mail
2 hours ago
- Malay Mail
After Trump warning, Tengku Zafrul reaffirms Malaysia's commitment to Brics cooperation
KUALA LUMPUR, July 8 — Malaysia is committed to strengthening co-operation in economics, trade and investment with Brics countries, especially with the great potential of artificial intelligence (AI) which needs to be harnessed for inclusive development. 'With Asean's digital economy expected to reach US$2 trillion (US$1=RM4.231) by 2030, this is a golden opportunity that we cannot afford to waste,' said Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz in a post on X today. Tengku Zafrul said the side meetings with Brics partner countries and business leaders opened up space for Malaysian companies to explore markets and investment opportunities in future-oriented sectors. He said Miti would continue to facilitate and support local companies to continue to boldly explore new markets. 'Malaysia's commitment is to strengthen a rules-based and inclusive trading system. 'Together, we build a more just and progressive global economic future,' he said. Tengku Zafrul was among the members of the delegation led by Prime Minister Datuk Seri Anwar Ibrahim to the 17th Brics Leaders' Summit hosted by Brazil. — Bernama
