KUALA LUMPUR, Oct 5 (Bernama) -- Bursa Malaysia closed slightly higher today, in line with upbeat regional markets, as improved risk appetite was supported by softer US labour data, that reduced expectations of further Federal Reserve tightening and eased pressure on bond yields. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.88 of-a-point to 1,631.75 from last Friday’s close of 1,630.87. The benchmark index, which opened 2.55 points higher at 1,633.42, moved between 1,630.95 and 1,640.46 throughout the trading session. However, on the broader market, decliners surpassed gainers 599 to 564, while 523 counters were unchanged, 1,087 untraded and 24 suspended. Turnover improved to 4.78 billion units worth RM2.89 billion, compared with 4.23 billion units worth RM2.70 billion last Friday.
Tariffs Moving Forward Despite Trade Concerns
- Trump reiterated that tariffs on Canada & Mexico are "on time and going forward", emphasizing that past U.S. leadership allowed unfair trade deals.
- The new tariffs include:
- 25% tax on all imports from Canada & Mexico.
- 10% tax on Canadian energy imports.
- March 4 is the scheduled start date after a 30-day delay for security negotiations.
Trump’s Justification for the Tariffs
- Claims U.S. has been "mistreated" in trade and that past leaders signed bad agreements.
- Blames American leadership for allowing other countries to gain advantages in trade deals.
- Suggests that previous administrations failed to protect U.S. manufacturing and economic interests.
Market & Economic Reactions
- Tariff fears have already pressured the U.S. stock market, with concerns that trade wars could reignite inflation.
- Businesses worry about supply chain disruptions, especially in industries reliant on Canadian & Mexican imports.
- Investors are watching closely for potential retaliation from Canada & Mexico.
Summary:
- Trump confirms that tariffs on Canada & Mexico will take effect on March 4.
- He blames past U.S. leaders for unfair trade deals, not other countries.
- Markets remain uneasy about potential economic fallout.
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