KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day. However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 billion.
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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