KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Former President Donald Trump has raised the stakes in ongoing trade negotiations by threatening a 30% tariff on European Union and Mexican imports, surprising diplomats and market watchers who had expected a more moderate baseline of 10%.
“Maybe I’ll change my mind. Maybe I won’t.”
Trump’s weekend comments came after weeks of discussions centered around differentiated tariffs by sector, including:
Lower rates for German automakers with U.S. factories
Preferential treatment for alcohol and pharmaceuticals
Tailored exemptions for strategic goods
However, Trump’s latest statement hinted at frustration with negotiation progress, signaling a possible shift toward a flat 30% tariff across the board.
🇪🇺 EU Reaction: Shock and Urgency
The EU, previously hopeful for a negotiated 10% baseline, is now bracing for greater disruption. While no formal countermeasures have been triggered yet, EU officials are working under an August 1 deadline and preparing retaliatory tariffs worth over €70 billion if talks collapse.
🇲🇽 Mexico Keeps Calm
Mexico, which also received Trump’s warning letter, is taking a more measured stance. President Claudia Sheinbaumacknowledged the threat but emphasized continued dialogue and trust in the country’s negotiation team. The main sticking point between the U.S. and Mexico appears to be drug enforcement, particularly related to fentanyl trafficking.
"A lot of countries got these letters. We’ll keep talking." – President Claudia Sheinbaum
What’s Next?
With just over two weeks to go before the August 1 deadline, markets, trade partners, and global supply chains remain on edge. But in Trump-world, “2.5 weeks is a lifetime,” as analysts note — more twists and turns are likely ahead.
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