KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
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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