KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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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