Malaysia prioritises national interest in multilateral ties, says MITI
The ministry reaffirmed Malaysia's commitment to maintaining an independent foreign and economic policy.
This statement follows reports of US President Donald Trump's warning that countries aligning with BRICS' 'Anti-American policies' could face an additional 10 per cent tariff.
'The United States remains one of Malaysia's key economic partners, not only through trade but also through the multi-billion-dollar American investments that have been established in Malaysia for more than 50 years,' MITI said.
BRICS leaders are currently meeting in Brazil for their annual summit.
Prime Minister Datuk Seri Anwar Ibrahim arrived in Brazil on Saturday to attend the 17th BRICS Leaders' Summit, invited by Brazilian President Luiz Inácio Lula da Silva.
This visit marks the final leg of Anwar's official three-country tour, which included stops in Italy and France from July 1 to 7. – Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
26 minutes ago
- Malay Mail
Trump announces steeper tariffs for Japan, South Korea and others, but delays start to August
WASHINGTON, July 8 — President Donald Trump unveiled higher tariffs for Japan, South Korea and a dozen other countries in a push for new trade deals yesterday—but extended the deadline for the steeper levies to kick in until August. Trump issued similar letters to countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia, saying he would slap duties on their products ranging from 25 per cent to 40 per cent. These mark a step up from the 10 per cent levy the president earlier imposed on almost all trading partners. But the starting date of August 1 marks a delay in Trump's reimposition of higher duties, originally due tomorrow. In near-identically worded letters to Japanese and South Korean leaders, Trump said US tariff hikes to 25 per cent came as their trading relationships with Washington were 'unfortunately, far from Reciprocal.' He warned of further escalation if there was retaliation against the levies. But the president said he was ready to lower the new levels if partners changed their trade policies: 'We will, perhaps, consider an adjustment to this letter.' Japan's Prime Minister Shigeru Ishiba said Sunday that he 'won't easily compromise' in trade talks with Washington. Trump originally announced sweeping tariffs on world economies during what he called 'Liberation Day' on April 2, claiming the United States was being 'ripped off.' Amid market turmoil, he then suspended higher duties affecting dozens of economies for 90 days, a deadline that would have expired Wednesday. On Monday, Trump signed an order formally extending the Wednesday deadline, postponing it to August 1. With the delay, White House Press Secretary Karoline Leavitt noted that Trump would set out the 'reciprocal tariff rate' for partners in the coming month as negotiations continue. According to letters posted to Trump's Truth Social platform, products from Indonesia will face a 32 per cent tariff, while the level for Bangladesh is 35 per cent and Thailand, 36 per cent. Most countries receiving letters so far had duties similar or unchanged from threatened rates in April, although some like Laos and Cambodia see notably lower levels. While the Trump administration had signaled hopes of striking dozens of deals by July, there have been limited results so far. Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other's products that earlier reached three-digits. Change their tune Asked why Trump opted to start with South Korea, Leavitt said: 'It's the President's prerogative, and those are the countries he chose.' 'This announcement will send a chilling message to others,' said Asia Society Policy Institute Vice President Wendy Cutler, referring to Trump's initial letters to Tokyo and Seoul. 'Both have been close partners on economic security matters,' she said, adding that companies from Japan and South Korea have made 'significant manufacturing investments in the US in recent years.' US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: 'We are going to have several announcements in the next 48 hours.' 'We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers,' Bessent told CNBC. He added that he would meet with his Chinese counterpart in the coming weeks. Both sides have so far held high-level talks in Geneva and London. But Washington and Beijing's pause on higher tit-for-tat tariffs is due to expire in mid-August. Major US stock indexes fell from records Monday on Trump's fresh threats. The Nasdaq tumbled 0.9 per cent and the S&P 500 lost 0.8 per cent. Trump has also threatened another 10 per cent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of 'Anti-American policies' after they slammed his duties at a summit. But partners are still rushing to avert Trump's tariffs altogether. The European Commission said EU chief Ursula von der Leyen had a 'good exchange' with Trump on trade when the pair spoke Sunday. — AFP
Malay Mail
31 minutes ago
- Malay Mail
Trump slaps 25pc tariff on Malaysian goods, tells country to ‘build in America'
KUALA LUMPUR, July 8 — US President Donald Trump has announced a 25 per cent tariff on all Malaysian products entering the United States, effective August 1. The move, detailed in a letter to His Majesty Sultan Ibrahim, the King of Malaysia, marks a sharp escalation in US-Malaysia trade relations. Trump cited Malaysia's 'Tariff, and Non Tariff, Policies and Trade Barriers' as the basis for the decision. The president claimed the US has suffered 'many years' of unsustainable trade deficits with Malaysia. He described the imbalance as a threat to both the US economy and national security. Trump further expressed disappointment over the lack of reciprocity in the bilateral trading relationship. 'Our relationship has been, unfortunately, far from Reciprocal,' he wrote in the letter dated July 7. He added that goods transshipped to avoid the tariff would still face the highest applicable rate. Trump suggested that Malaysia could avoid the new tariff by encouraging companies to manufacture in the US. 'There will be no Tariff if Malaysia, or companies within your Country, decide to build or manufacture product within the United States,' he wrote. The letter left open the possibility of further tariff hikes if Malaysia raised its own trade barriers. Trump said any increase in Malaysian tariffs would be matched by equivalent US tariff additions. The letter appeared to blend formal diplomacy with campaign-style rhetoric aimed at domestic audiences. He also highlighted the US market as the world's most attractive, calling it 'the Number One Market in the World, by far.'
New Straits Times
31 minutes ago
- New Straits Times
Stocks sell off, dollar gains as Trump plans 25pct tariffs on Japan, South Korea
NEW YORK: Major stock indexes declined while the dollar strengthened on Monday as USPresident Donald Trump unveiled sharply higher UStariffs on goods from Japan, South Korea and other countries in the latest development in the UStrade war. Longer-dated USTreasury yields rose. Trump on Monday began telling trade partners including Japan and South Korea that the higher UStariffs will start August 1. Trump in April capped all of the so-called reciprocal tariffs with trading partners at 10 per cent until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. "Trade, inflation and earnings are going to be the next three catalysts that will drive the market higher or lower, depending on how they unfold," said Adam Sarhan, chief executive of 50 Park Investments in New York. "But markets like certainty, and today's news increases the level of uncertainty, hence the selloff," he said. Tariffs are expected to increase prices and to slow down growth, though uncertainty over the ultimate policies may be a bigger drag as it leads businesses to postpone decisions. S&P 500 companies next week are expected to begin reporting results on the second quarter. The Dow Jones Industrial Average fell 422.17 points, or 0.94 per cent, to 44,406.36, the S&P 500 fell 49.37 points, or 0.79 per cent, to 6,229.98 and the Nasdaq Composite fell 188.59 points, or 0.91 per cent, to 20,412.52. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4 per cent and Honda Motor off by 3.9 per cent. Also, electric vehicle maker Tesla shares fell 6.8 per cent after CEO Elon Musk announced the formation of a USpolitical party named the "American Party." MSCI's gauge of stocks across the globe fell 5.80 points, or 0.63 per cent, to 919.93. The pan-European STOXX 600 index closed up 0.44 per cent. The yield on benchmark US10-year notes was last up 5.7 basis points on the day at 4.397 per cent. The interest rate sensitive two-year yield rose 1.9 basis points to 3.901 per cent. The dollar's rise was most notable against the yen. It was up 1.09 per cent at 146.130. The euro slipped 0.57 per cent to US$1.172 having rallied over 13 per cent so far this year. The dollar index, which measures the currency against six major counterparts, rose 0.517 per cent to 97.467, reaching a one-week high. Minutes of the last Federal Reserve meeting are also due this week. Investors are weighing how many times the Fed is likely to cut interest rates this year after jobs data for June on Thursday showed that employers added more jobs than economists had forecast. Oil prices rose as signs of strong demand offset the impact of a higher-than-expected OPEC+ output hike for August and concerns about possible tariff impacts. Brent crude futures rose US$1.28, or 1.9 per cent, to settle at US$69.58. USWest Texas Intermediate crude gained 93 cents or 1.4 per cent, to settle at US$67.93.
