'Malaysia must brace for future US tariffs'
US-Asean Business Council (US-ABC) executive vice-president and chief policy officer Marc Mealy warned that although the 50 percent tariffs on aluminium and steel may not severely affect Malaysia in the near term, future tariffs imposed...
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The Star
16 minutes ago
- The Star
Indonesia's copper export to the US gets zero tariff
JAKARTA: Investment and Downstreaming Minister Rosan Roeslani confirmed that Indonesian copper will be subject to a zero-per cent import tariff in the United States, while negotiations continue to expand this exemption to other commodities, reported Antara news agency. "For copper, we get a 0 per cent tariff," Roeslani stated during the 2025 Indonesia-Japan Executive Dialogue here on Wednesday (Aug 6). The minister stated that Indonesia is still negotiating with the United States Trade Representative (USTR) to reduce import tariffs for other commodities, such as nickel and palm oil, and he expressed optimism about achieving favourable results for Indonesia. "We are negotiating (the tariff reduction) for other commodities. So far, we got (zero tariff) for copper, and other commodities such as nickel are likely to be approved, even if not at zero per cent, but at least lower than the current 19 per cent tariff," he remarked. According to Roeslani, Indonesia is also seeking a tariff-free status for other commodities that are not produced in the United States. Earlier, Coordinating Minister for Economic Affairs Airlangga Hartarto stated that Indonesia is seeking tariff reductions on commodities including crude palm oil, rubber, shorea wood, and copper derivatives. In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the tariff, which was initially set at 32 per cent by President Donald Trump last April, to 19 per cent. In exchange, Indonesia has committed to purchasing US$15 billion in US energy products and US$4.5 billion in US agricultural products, according to the US president on July 16. Indonesia also intends to purchase 50 Boeing jets, mostly Boeing 777 passenger jets, Trump stated. No details were provided regarding which Indonesian parties would purchase the Boeing jets. - Bernama-Antara
Barnama
35 minutes ago
- Barnama
BNM's International Reserves Rise To US$121.3 Bln as At July 31
In a statement today, the central bank said the reserves are sufficient to finance 4.8 months of imports of goods and services. Malaysia's official reserve assets totalled US$120.61 billion as of the end of June 2025. KUALA LUMPUR, Aug 7 (Bernama) -- Bank Negara Malaysia's (BNM) international reserves rose to US$121.3 billion (US$1=RM4.218) as at July 31, 2025. BNM also stated that the reserve position is adequate to meet 0.9 times the total short-term external debt. According to BNM, its total assets amounted to RM603.2 billion, with gold and foreign exchange reserves, including Special Drawing Rights (SDR), accounting for RM512.8 billion. A breakdown of the international reserves showed that foreign currency reserves made up the largest portion at US$107.7 billion, followed by SDR (US$5.9 billion), gold (US$4.1 billion), the IMF reserve position (US$1.3 billion), and other reserve assets (US$2.3 billion).
The Star
an hour ago
- The Star
Bank Negara's international reserves rise to US$121.3bil as at July 31
KUALA LUMPUR: Bank Negara Malaysia's (BNM) international reserves rose to US$121.3 billion (US$1=RM4.218) as at July 31, 2025. Malaysia's official reserve assets totalled US$120.61 billion as of the end of June 2025. In a statement today, the central bank said the reserves are sufficient to finance 4.8 months of imports of goods and services. BNM also stated that the reserve position is adequate to meet 0.9 times the total short-term external debt. According to BNM, its total assets amounted to RM603.2 billion, with gold and foreign exchange reserves, including Special Drawing Rights (SDR), accounting for RM512.8 billion. A breakdown of the international reserves showed that foreign currency reserves made up the largest portion at US$107.7 billion, followed by SDR (US$5.9 billion), gold (US$4.1 billion), the IMF reserve position (US$1.3 billion), and other reserve assets (US$2.3 billion). - Bernama
