KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
The Biden-Harris administration is expected to finalize plans this week for steep tariff increases on certain Chinese imports. However, US industries are lobbying for the proposed duties to be softened, delayed, or even abandoned due to the potential economic impact. The tariffs, initially set to take effect on August 1 but delayed until September, target key sectors including electric vehicles, semiconductors, and strategic goods like steel and lithium-ion batteries.
Key Takeaways:
Industry Pushback: Various US manufacturers, ranging from electric vehicle producers to utility equipment makers, have requested that the tariff increases be reduced or delayed. They argue that the higher costs could harm their competitiveness and disrupt supply chains.
Tariff Increases: The proposed tariff hikes include a quadrupling of tariffs on Chinese electric vehicles to 100%, doubling duties on semiconductors and solar cells to 50%, and imposing new 25% tariffs on lithium-ion batteries and steel. These measures are intended to protect US industries from Chinese overproduction and unfair trade practices.
Political Implications: The decision on tariffs is politically sensitive, especially with Vice President Kamala Harris now the Democratic Party’s presidential nominee. Easing the tariffs could open Harris to criticism from Republicans, who may accuse her of being too soft on China. On the other hand, maintaining the steep tariffs could lead to complaints about rising costs, even from within her own party.
China's Response: China has vowed to retaliate against what it calls "bullying" tariff hikes. The timing of the US decision coincides with a planned meeting between US National Security Adviser Jake Sullivan and Chinese Foreign Minister Wang Yi, aimed at managing tensions between the two nations.
Impact on Specific Industries:
- The Port of New York and New Jersey has raised concerns about a new 25% tariff on Chinese-made ship-to-shore cranes, which could significantly increase costs for critical infrastructure.
- Senators have expressed concerns about the impact of proposed tariffs on syringes, which could disrupt medical supplies.
- Ford Motor has requested a reduction in tariffs on artificial graphite, essential for electric vehicle batteries.
- Autos Drive America, representing foreign-brand automakers, has called for stable tariffs on batteries and critical minerals to support EV production and adoption in the US.
Calls for Extended Tariffs: Some companies, like Finnish stainless steelmaker Outokumpu, support the proposed tariff increases and are advocating for even broader application to prevent circumvention of tariffs through other countries.
The final decision on these tariffs is expected by the end of August, with significant implications for US-China trade relations and domestic industries.
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