KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
US President Donald Trump vowed to impose new tariffs and export restrictions on advanced technology and semiconductors in retaliation against foreign digital services taxes that he says unfairly target American tech giants.
In a social media post on Monday, Trump called the measures “discriminatory” and said they “outrageously give a complete pass to China’s largest tech companies.” He warned that unless such taxes are withdrawn, Washington would hit offending nations with “substantial additional tariffs” on exports to the US, alongside curbs on “highly protected technology and chips.”
Rising Trade Frictions
The move adds fresh uncertainty for global trade partners, coming just weeks after Trump rolled out country-based levies on imports and vowed further duties, including on furniture. The president has long argued that digital taxes penalize US firms such as Amazon, Alphabet, and Meta Platforms, while sparing Chinese rivals.
The US has already deployed export restrictions on AI-related chips from Nvidia and others, citing national security concerns. Trump’s warning raises the stakes for technology supply chains already navigating tariff and regulatory volatility.
Clash With Europe
The threat follows a joint US-EU statement last week pledging to address “unjustified trade barriers” and maintain a ban on customs duties for electronic transmissions. However, the EU reiterated that its flagship Digital Markets Act and Digital Services Act are not up for renegotiation, leaving digital tax regulations as potential leverage in future trade talks.
Canada earlier this summer suspended plans for a digital tax after Trump froze bilateral trade discussions. But countries including the UK continue to impose a 2% levy on digital revenues from search engines, social media services, and online marketplaces.
OECD Talks in Focus
The dispute comes as the OECD presses for a broader pact to replace national digital levies with a unified international framework for taxing multinational profits.
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