KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
The European Union is prioritizing negotiations over retaliatory tariffs in response to US President Donald Trump’s decision to impose 25% duties on steel and aluminum imports starting March 12. EU officials aim to prevent a full-scale trade war, though they remain prepared for countermeasures if talks fail.
🔹 EU’s Strategy: Dialogue Over Retaliation
📌 EU trade ministers held a video conference to coordinate their response, emphasizing a unified front in upcoming negotiations.
📌 While countermeasures were discussed, including reinstating 2018 tariffs on US goods (bourbon, motorcycles, orange juice), the primary approach remains diplomacy.
📌 EU trade chief Maros Sefcovic had his first call with US officials, including Commerce Secretary nominee Howard Lutnick and USTR nominee Jamieson Greer, with both sides agreeing to meet soon.
💬 Irish Foreign Minister Simon Harris: "There is a window for negotiation ahead of the March 12 deadline."
💬 EU spokesperson: "We remain committed to dialogue while protecting EU interests—just as the US is protecting theirs."
⚠️ EU-US Trade at Stake
📌 The US is the EU’s second-largest export market for steel, averaging €3 billion ($3.1 billion) in shipments annually.
📌 EU aluminum exports to the US totaled €2.4 billion in the first 11 months of 2024.
📌 Trump’s tariffs could disrupt major European industries, prompting industry groups like European Aluminium to push for urgent diplomatic talks.
💬 Carlos Cuerpo (Spain’s trade minister): "A general agreement on tariffs is needed, and we will continue with the dialogue."
🛑 Potential EU Countermeasures
📌 The European Commission is holding back details but has options ready:
✔️ Reinstating 2018 tariffs on iconic US goods
✔️ Targeting key US exports to the EU
✔️ Coordinating responses with other US trade partners
💬 German Economy Minister Robert Habeck: "Talks must continue, but the EU must be clear that countermeasures are prepared."
📌 If talks fail, Europe could reintroduce trade penalties, escalating tensions between the two economies.
🔍 What’s Next?
✔️ EU-US trade talks to accelerate before March 12
✔️ Closer coordination among EU member states to ensure a firm stance
✔️ Watch for industry pushback on both sides of the Atlantic
📌 With high stakes for both economies, negotiations in the coming weeks will determine whether this becomes a full-blown trade war or a resolved dispute.
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