KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Republican presidential candidate Donald Trump has escalated his protectionist trade rhetoric, threatening to impose tariffs as high as 200% on vehicles imported from Mexico if elected. Speaking at a rally in Juneau, Wisconsin, Trump vowed to protect the US auto industry by preventing Mexican-made cars from entering the US market.
"We'll put a tariff of 200% on if we have to," Trump declared, doubling his previous promise of a 100% duty on imported cars and trucks. His campaign’s focus on the domestic auto industry comes as Trump faces a tight race against Democrat Kamala Harris, with the November election looming.
Mexico exported around 3 million vehicles to the US in 2023, with the Detroit Three automakers accounting for about half of these exports. Experts warn that such massive tariffs could significantly increase vehicle prices, affecting both domestic and imported cars. The Tax Policy Center has also cautioned that Trump's proposal would likely drive up the cost of both new and used vehicles in the US.
Trump’s protectionist stance mirrors his previous threats as both president and a candidate in 2016. Back then, automakers warned that tariffs of up to 25% could disrupt the industry and significantly raise vehicle costs.
In his nearly two-hour speech, Trump also criticized the Biden administration’s response to Hurricane Helene, which left 227 people dead and hundreds of thousands without power in the Southeast. FEMA administrator Deanne Criswell defended the administration’s efforts, calling claims that funding was diverted to migrants “frankly ridiculous and just plain false.”4o
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