KUALA LUMPUR, March 14 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the week slightly higher, in line with regional indices despite the weaker performance on Wall Street overnight. At 5 pm, the FBM KLCI rose 2.12 points or 0.14 per cent to 1,512.15 from Thursday’s close of 1,510.03. The market bellwether opened 10.08 points lower at 1,499.95, and moved between 1,493.29 and 1,516.25 throughout the day. On the broader market, gainers outpaced losers with 680 to 292, while 437 counters were unchanged, 1,009 untraded, and 13 suspended. Turnover was marginally lower at 3.24 billion units worth RM2.5 billion from 3.25 billion units worth RM2.90 billion on Thursday.
Australia has failed in its bid to secure an exemption from U.S. steel and aluminum tariffs, despite extensive lobbying from Prime Minister Anthony Albanese's government. This decision has strained relations between the two long-time allies.
Key Points:
Tariff Decision: White House spokesperson Kush Desai confirmed that the tariffs will go into effect at midnight on Wednesday, with no exemptions for any U.S. trading partners, including Australia.
Australian Reaction: Prime Minister Albanese expressed disappointment, calling the move "entirely unjustified" and an act of "economic self-harm" by the U.S. However, he added that Australia would not retaliate with any reciprocal measures.
Historical Context: In previous years, Australia successfully negotiated for an exemption from similar tariffs under the Trump administration. However, this time, the deal seems much harder to secure.
Ongoing Advocacy: Despite the setback, Albanese vowed to continue advocating for an exemption and emphasized the importance of maintaining a strong economic partnership between the two nations, which has lasted over 70 years.
Local Response: In the wake of the tariff decision, Albanese is encouraging Australia’s steel and aluminum industries to diversify their exports and urging citizens to support domestically produced goods.
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