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...
Sweeping Import Duties Effective Oct 1
President Donald Trump announced a fresh round of tariffs that will take effect on Oct 1, targeting a wide range of imported goods including pharmaceuticals, building materials, furniture, and heavy trucks.
Pharmaceuticals Face 100% Tariff Unless Produced in U.S.
Under the new measures, branded and patented drugs will face 100% duties unless their manufacturers have already started or are in the process of building production facilities in the United States. Companies with U.S. facilities under construction will be exempt from the new levy.
Trump did not specify under which authority the tariffs are being imposed.
Building Materials and Furniture Hit With 50%–30% Tariffs
Imported kitchen cabinets, bathroom vanities, and related products will face 50% tariffs, while upholstered furniture will be subject to 30% tariffs.
Trump claimed that foreign suppliers have been “flooding” the U.S. market, though no data was provided. He justified the move on national security grounds, arguing it was essential to protect domestic manufacturing.
Heavy Trucks Tariffs at 25%
The administration will also impose a 25% tariff on all imported heavy trucks. Trump said the policy aims to shield U.S. manufacturers such as Peterbilt, Kenworth, Freightliner, and Mack from what he called “unfair outside competition.”
National Security Rationale
In his announcement, Trump repeatedly invoked national security as a justification for the tariffs, saying the measures will help preserve U.S. industrial capacity and protect critical sectors from foreign disruptions.
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