Latest news with #NationalTradeEstimate
Daily Express
a day ago
- Business
- Daily Express
No compromise on Bumi policy during US tariff talks, says Anwar
Published on: Monday, July 21, 2025 Published on: Mon, Jul 21, 2025 By: FMT Reporters Text Size: Prime Minister Anwar Ibrahim today said that the US must respect certain boundaries during the ongoing negotiations on reducing the tariff imposed on Malaysian products. (Bernama pic) PETALING JAYA: Malaysia will not compromise on its Bumiputera policy during ongoing tariff negotiations with the US, said Prime Minister Anwar Ibrahim. Anwar said that while Malaysia valued its trade and investment ties with the economic superpower, Putrajaya remained firm that there must be clear boundaries or 'red lines' in the negotiations. Advertisement 'The Cabinet has discussed this multiple times, but we have our position, we have our red lines – and we're prepared to face the risks,' he said, reported Berita Harian. 'What is that red line? Do not interfere with our national policies. 'They (US) say the Bumiputera policy is discriminatory. We say it's not. Malaysia stands by the policies we have adopted… This is our red line,' he said during the monthly assembly of the Prime Minister's Department in Putrajaya. Anwar, who is also the finance minister, added that procurement and opportunities for local companies must be protected during negotiations with the US. He said Malaysia was committed to safeguarding its national interests while continuing to strengthen trade relations with other countries, including China and Asean member nations, to expand market access. 'We must continue to trade and engage constructively with all countries, but no country should be allowed to impose conditions that put pressure on us,' he said in a Bernama report. Negotiations between Malaysia and the US have been ongoing following the announcement of a 25% tariff on Malaysian goods earlier this month. The tariff is expected to take effect on Aug 1. The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the USTR said that Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delay exports. The report also highlighted investment barriers, particularly the requirement for 30% Bumiputera ownership in foreign-owned firms and restrictions in sectors such as oil and gas, media, and public procurement. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Fibre2Fashion
6 days ago
- Business
- Fibre2Fashion
USTR starts Section 301 probe into Brazil's 'unfair' trading practices
The office of the US trade representative (USTR) yesterday initiated an investigation to determine whether Brazil's acts, policies and practices related to digital trade and electronic payment services; 'unfair', preferential tariffs; anti-corruption 'interference'; intellectual property protection; ethanol market access; and 'illegal' deforestation are unreasonable or discriminatory and burden or restrict US commerce. The Section 301 investigation was launched into Brazil's 'attacks on American social media companies as well as other unfair trading practices that harm American companies, workers, farmers, and technology innovators,' said USTR Jamieson Greer. The USTR has begun a probe to find out whether Brazil's policies and practices in digital trade and e-payment; 'unfair', preferential tariffs; anti-corruption 'interference'; IP protection; ethanol market access; and 'illegal' deforestation burden or restrict US commerce. “Brazil's tariff and non-tariff barriers merit a thorough investigation, and potentially, responsive action,†said USTR Jamieson Greer. 'USTR has detailed Brazil's unfair trade practices that restrict the ability of US exporters to access its market for decades in the annual National Trade Estimate (NTE) Report. After consulting with other government agencies, cleared advisers, and Congress, I have determined that Brazil's tariff and non-tariff barriers merit a thorough investigation, and potentially, responsive action," he was quoted as saying in an official release. Brazil may undermine the competitiveness of US companies engaged in digital trade and electronic payment services, for example, by retaliating against them for failing to censor political speech or restricting their ability to provide services in the country, the release noted. Brazil accords lower, preferential tariff rates to the exports of certain globally competitive trade partners, thereby disadvantaging US exports, it noted. Brazil's failure to enforce anti-corruption and transparency measures raises concerns in relation to norms relating to fighting bribery and corruption, it said. Brazil apparently denies adequate and effective protection and enforcement of intellectual property rights, harming American workers whose livelihoods are tied to America's innovation- and creativity-driven sectors, the release added. Brazil has walked away from its willingness to provide virtually duty-free treatment for US ethanol, and instead, now applies a substantially higher tariff on US ethanol exports. Fibre2Fashion News Desk (DS)
Indian Express
26-05-2025
- Business
- Indian Express
Tariff Tracker, May 26: After EU reprieve, will South Korea secure a deal with the US?
Two days after threatening to impose 50% tariffs on the European Union, US President Donald Trump announced on Sunday (May 25) that he would hold off implementing these until July 9. In a social media post, he said he had spoken to European Commission President Ursula von der Leyen, who had requested an extension of the June 1 deadline he imposed on Friday. In a separate social post, von der Leyen wrote that the two leaders had a 'good call,' and that Europe was 'ready to advance talks swiftly and decisively.' On Friday (May 23), Trump announced he would impose 50% tariffs on imports from the EU, effective June 1, signalling his impatience with the pace of the talks. This builds on his animosity towards the bloc, a longtime ally of the US. His tariff threat sent markets spiralling downward on fears of an escalating trade war. According to a report by The New York Times, European officials had submitted a term sheet with details of their offers towards a trade deal with the US. This included mutually ending tariffs on industrial goods, a commitment to increase purchases of US fuel, and seeking reduced tariffs on European goods, specifically on cars and pharma. The Trump administration has taken issue with EU policies it cites as discriminating against US businesses, including the European value-added tax. The US is the EU's largest trading partner, accounting for 20% of its goods exports last year. Data from the Office of the US Trade Representative (USTR) revealed that the US ran a $235.6 billion trade deficit with the EU in 2024, a 12.9% increase over the previous year. The European Commission estimates that American tariffs would impact around 70% of the bloc's goods trade with the US. As things stand, the EU already faces 25% tariffs on exports of automobiles and metals, as well as 10% retaliatory tariffs on all non-goods exports, slated to increase to 20% from July 8. Overall tariffs on the EU could increase to 97%, following the Section 232 investigations opened by the White House into pharmaceuticals, semiconductors, critical minerals, and trucks. Should all talks fail and Trump's tariffs become effective, the EU is set to unfurl countermeasures worth €21 billion. These would impact US exports of maize, wheat, motorcycles and clothing. A separate set of tariffs targets €95 billion of items, including Boeing aircraft, cars and bourbon whiskey, excluded from the earlier list. South Korea next in the firing line? The US has reportedly asked South Korea, its long-time ally with which it enjoys a Free Trade Agreement, to resolve the trade imbalance in commodities between both countries, Reuters reported on Monday. USTR data reveals that the US ran a $66 billion trade deficit with South Korea in 2024, a 29.2% increase over 2023. According to the report, the two countries entered technical consultations in Washington last week to discuss tariff and non-tariff measures flagged in the USTR's 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers. Among other things, the NTE Report took note of the Korean import ban on American beef from cattle aged over 30 months, emissions regulations on imported cars and pharma pricing policies. The US and South Korea also reportedly engaged in discussions on economic security and goods origins. In the past, Trump has threatened to withdraw some American troops from South Korea, which would expose it to threats from North Korea. South Korea is dependent on nuclear deterrence from the US, with interim President Han Duck-soo describing the support of the US as 'absolutely critical for us' to The Economist. The two countries have engaged in talks since Trump announced the 'Liberation Day' tariffs in April, with a view to finalising a trade deal. South Korea currently faces 25% 'reciprocal' tariffs on its exports, and continues to push for tariff exemptions. It will also be affected by the 25% tariffs on automobiles and metals. The IMF reduced South Korea's growth forecast to 1% following the tariff announcements, while Trump's Korea tariffs violate several terms of the US-Korea FTA in place since 2012. Trump claims that South Korea tariffs American goods by 50%, which the South Korean government has refuted, saying the average tariff rate on US imports under the FTA is less than 1%. Last week, poll-bound South Korea announced a round of support measures for its key export industries of biopharmaceuticals and automotives against Trump's tariffs.
Malaysiakini
06-05-2025
- Business
- Malaysiakini
Halal rules, bumiputera equity among US concerns that prompted tariffs
Malaysia's halal import restrictions and requirements for bumiputera equity in foreign-owned companies have been flagged by the United States as key trade barriers cited among the reasons behind the 24 percent reciprocal tariff on Malaysian exports. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the Office of the US Trade Representative (USTR) said Malaysia's halal import requirements were more stringent than international norms.
Malaysiakini
06-05-2025
- Business
- Malaysiakini
Halal rules, bumiputera equity among US concerns that prompted tariffs
Malaysia's halal import restrictions and requirements for bumiputera equity in foreign-owned companies have been flagged by the United States as key trade barriers cited among the reasons behind the 24 percent reciprocal tariff on Malaysian exports. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the Office of the US Trade Representative (USTR) said Malaysia's halal import requirements were more stringent than international norms.
