Latest news with #trade negotiations
Malay Mail
3 days ago
- Business
- Malay Mail
Tengku Zafrul warns against poor trade deals as Malaysia continues US tariff talks
KUALA LUMPUR, July 16 — The government's negotiating position aims to ensure that any agreement reached supports the country's economic reforms and sustainable growth strategies. Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said negative long-term outcomes are not what the public wants, nor what current and future taxpayers need. 'Catchy, feel-good headlines last a few days, a week at most. However, poor deals will have long-term consequences for our people, industries, and economy. 'Our objective is simple: we want to ensure that any agreement supports an open, rules-based and fair, multilateral trade, with the World Trade Organisation at its core,' he said in his keynote address at the International Healthcare Week (IHW) 2025, here today. The minister emphasised that any agreement should also safeguard market access, while recognising the need for emerging countries like Malaysia to develop sustainable supply chains and economies. 'Just like other countries, we value our economic ties with the United States (US). In 2024, total Malaysia-US trade rose nearly 30 per cent to RM324.9 billion (US$71.4 billion), with Malaysia being an important source for key products such as electrical and electronics (E&E) (+ semiconductors); machinery and equipment; rubber gloves, wood-based products and palm oil,' he said. As trade negotiations are a complex multi-stakeholder process, Tengku Zafrul said relevant ministries and agencies must be consulted to minimise conflict and ensure a smooth implementation post-negotiation. 'For context, the average duration for a regular trade negotiation is 18 months. For MITI, the fastest on record thus far is 11 months,' he said. Tengku Zafrul highlighted several red lines that the MADANI government will not cross in trade negotiations, including sacrificing the country's sovereignty or sidelining other trading partners in trying to close a trade deal. Meanwhile, he said Malaysia still has until August 1 to negotiate with the US regarding the 25 per cent reciprocal tariff imposed by the country thus far. He made this comment in reaction to Donald Trump's recent announcement regarding a 19 per cent reciprocal tariff on Indonesia, which has not yet provided any official statement on the issue. 'I have no further information regarding that (reciprocal tariff rate on Indonesia). What we know is based on the announcement made by the US president. We are now waiting to see what will be announced by the Indonesian side. 'As for Malaysia, we are still in negotiations. We have until August 1, so there is still time. What is important is that any negotiation must ensure mutual benefit for both countries,' he said. — Bernama
Yahoo
4 days ago
- Business
- Yahoo
Gold Climbs as Market Digests Mixed US Messages on Trade Talks
(Bloomberg) -- Gold advanced, erasing a modest drop on Monday, as investors digested mixed messages from the US regarding the progress of trade negotiations. Why Did Cars Get So Hard to See Out Of? Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests How German Cities Are Rethinking Women's Safety — With Taxis LA Homelessness Drops for Second Year Bullion rose as much as 0.5% after dropping by a similar amount in the previous session. President Donald Trump said he was open to more talks with major economies including the European Union. But that appeared to be at odds with his insistence that letters to governments setting tariff rates are 'the deals' for trade partners. The precious metal has surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US's aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times. However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they're hesitant to buy gold at such elevated levels. 'If trade talks deteriorate before August, we could easily see bullion retest or even breach its former highs,' said Fawad Razaqzada, a market analyst at City Index. 'For now, the market seems firmly in wait-and-see mode, keeping the gold forecast leaning cautiously bullish.' Gold rose 0.5% to $3,360.86 an ounce as of 12:37 p.m. in Singapore. The Bloomberg Dollar Spot Index was steady after rising 0.3% on Monday. Silver was little changed, after hitting a 14-year-high in the previous session before closing lower. Platinum and palladium climbed. Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions The New Third Rail in Silicon Valley: Investing in Chinese AI 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Trump's Cuts Are Making Federal Data Disappear ©2025 Bloomberg L.P.
Bloomberg
5 days ago
- Business
- Bloomberg
Japan's Ruling Parties at Risk of Losing Upper House Majority
Japan's ruling Liberal Democratic Party and its junior coalition partner Komeito are at risk of losing its majority in the upper house in elections this Sunday, potentially weakening Prime Minister Shigeru Ishiba and his minority government's standing further amid ongoing trade negotiations with the US. Compared to polls from earlier in the campaign period, the ruling coalition has lost steam and could miss its target of winning 50 seats in the election, according to multiple polls conducted by local media. Polls by the Asahi newspaper said the LDP looked likely to win some 34 seats, while Komeito looked likely to secure about 9. Kyodo also said that the LDP could struggle to win 40 seats.
Bloomberg
5 days ago
- Business
- Bloomberg
Japan Gets 25% Tariffs With Room to Seek Deal Past Election
Japanese Prime Minister Shigeru Ishiba called the announcement of slightly higher US tariffs 'truly regrettable' while he vowed to continue to protect his nation's interests in the extended trade negotiations. In a letter addressed to Ishiba, US President Donald Trump on Monday said he will lift across-the-board tariffs on Japan to 25% starting on Aug. 1, up slightly from the 24% originally set in early April. Hours later, Ishiba said the bilateral negotiations have seen progress despite the announcement of the higher rates.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Bursa ends slightly lower on lack of fresh catalysts
KUALA LUMPUR : The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the week slightly lower today, as investors await fresh catalysts, mainly the ongoing trade negotiations between Malaysia and the US. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the benchmark index touched an intraday high of 1,541.94 before retreating in the afternoon session, reflecting intermittent profit-taking and a lack of conviction amid external policy uncertainty. Despite the subdued tone, he noted that the underlying momentum remains intact, as valuations continue to look attractive relative to 2024 levels, particularly for long-term investors with a value bias. 'Telecommunications stocks led the gainers, buoyed by balance sheet improvements and investor optimism over earnings quality. 'Conversely, the utilities sector came under pressure, with investors locking in gains following a notable two-week rebound,' he told Bernama. On the regional front, Sedek said the market shows early signs of portfolio reallocation by US-based institutional investors. 'This trend, if sustained, could provide structural support for regional equities, Malaysia included, as tariff risk escalations and a pivot towards looser monetary conditions increase the relative appeal of Asia,' he said. At 5pm, the FBM KLCI eased 0.45 points or 0.03% to 1,536.07 from yesterday's close of 1,536.52. The benchmark index had opened 1.36 points higher at 1,537.88 and hovered between 1,530.77 and 1,541.94 throughout the session. However, the market breadth was positive, with 510 gainers outpacing 450 decliners. A total of 532 counters were unchanged, while 926 were untraded and 10 suspended. Turnover rose to 3.37 billion shares worth RM2.30 billion, compared with 3.25 billion shares worth RM2.45 billion yesterday. Among the heavyweight counters, Maybank lost four sen to RM9.69, but Public Bank gained two sen to RM4.32, Tenaga Nasional was flat at RM13.96, while CIMB slipped two sen to RM6.68, and IHH Healthcare was seven sen lower at RM6.58. In active trade, Zetrix AI and Dagang Nexchange garnered two sen each to RM1 and 32 sen, respectively. Tanco and NexG both improved 0.5 sen to 90.5 sen and 45 sen, respectively, while Sapura Energy reduced 0.5 sen to 3.5 sen. On the index board, the FBM Emas Index gained 15.25 points to 11,543.58, the FBMT 100 Index expanded 15.61 points to 11,308.74, and the FBM Emas Shariah Index added 43.73 points to 11,552.47. The FBM 70 Index increased 105.75 points to 16,761.35, while the FBM ACE Index improved 21.60 points to 4,538.17. By sector, the financial services index fell 14.25 points to 17,608.13, the industrial products and services index inched up 0.55 points to 154.09, while the plantation index fell 10.81 points to 7,450.45. The energy index inched up 1.0 point to 737.62. The Main Market volume inched higher to 1.36 billion units worth RM1.99 billion from 1.32 billion units valued at RM2.17 billion yesterday. Warrants turnover rose to 1.7 billion units valued at RM2.03 million from 1.69 billion units worth RM190.86 million previously. The ACE Market volume rose to 318.83 million units valued at RM107.58 million, versus 241.47 million units worth RM86.17 million yesterday. Consumer products and services counters accounted for 161.98 million shares traded on the Main Market; industrial products and services (201.87 million), construction (109.35 million), technology (265.10 million), SPAC (nil), financial services (81.56 million), property (228.25 million), plantation (12.61 million), REITs (23.88 million), closed-end fund (15,500), energy (91.82 million), healthcare (55.13 million), telecommunications and media (49.04 million), transportation and logistics (33.85 million), utilities (43.83 million), and business trusts (132,600).
