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Malay Mail
2 hours ago
- Malay Mail
Trump's addictive tariff doctrine: Pinching, pummelling, and the price of global compliance — Phar Kim Beng
JULY 12 — The leaked audio of former President Donald J. Trump during a 2024 fundraiser—recently revealed by CNN—should not be dismissed as mere campaign bravado. When Trump admitted that he had initially asked for one million dollars but walked away with twenty-five times that amount, he sounded both amused and amazed. More revealing, however, was his offhand remark: 'It's about getting into the mindset.' That moment of candour explains far more than his fundraising psychology—it offers a blueprint for his foreign economic policy. Indeed, Trump's second presidency has been shaped not just by tariffs as an economic tool, but by tariffs as psychological warfare. Whether allies or adversaries, all are subject to his self-proclaimed principle of 'maximum extraction.' Tariffs are no longer just about market correction or economic protectionism; they are a means of tribute, coercion, and ultimately submission to Trump's worldview of American primacy. The executive order that redefined trade On January 20, 2025—the very first day of his second term—President Trump signed a sweeping Executive Order instructing the Secretary of Commerce and the Treasury Secretary to ensure that every possible tool be used to extract maximum revenue from global trade. Section B of the second paragraph of that Executive Order makes the objective brutally clear: to increase tariffs, duties, levies, and restrictions to yield up to US$400 billion in revenue for the US government within the calendar year. This is not trading policy. It is economic conquest. Unlike the tariffs of previous administrations that targeted dumping or strategic industries, Trump's approach is indiscriminate. It is premised on the idea that friends are easier to squeeze than enemies because they are less likely to retaliate in kind. 'It's easier to get more from friends—they won't fight back,' he was heard saying in another portion of the leaked audio. This has led to punitive tariffs on countries like Japan, South Korea, Germany, and Malaysia—nations that have historically enjoyed stable ties with the United States. Tariffs as tools of tribute Trump's method of tariff pummelling has three consistent features: First, it begins with a shock tariff—a sudden, often unannounced imposition of duties. This was evident on July 8, 2025, when the White House abruptly imposed 25 percent tariffs on key sectors from Asean, Japan, and South Korea, well before the previously floated deadline of August 1. The idea is to throw diplomatic teams off balance and create maximum psychological leverage. Second, Trump offers exemptions or 'carve-outs' as bargaining chips. Malaysia, for example, found its exports of semiconductors and integrated circuits—making up the bulk of its US$80 billion two-way trade with the US—exempted from the new tariffs. But this was no accident. Malaysia had just announced the purchase of 30 Boeing aircraft. The pattern is unmistakable: pay tribute in kind (defence purchases, foreign direct investments, or public endorsements of Trump), and you might receive reprieve. Third, he escalates the pressure through vague threats of future penalties. These are often announced at rallies or in interviews, keeping the world perpetually guessing about what comes next. The unpredictability is intentional, a form of controlled chaos that he believes gives America the upper hand in negotiations. Why the addiction? Trump's use of tariffs is not simply strategic. It is compulsive. The psychological high he receives from watching countries scramble to adjust, to mollify, or to appease him, feeds into a cycle of economic brinkmanship. His personal satisfaction seems rooted not in policy outcomes but in submission rituals—press conferences by foreign leaders pledging allegiance to US supply chains, or headlines about retaliatory restraint from trading partners. As former National Security Adviser John Bolton once observed, Trump sees foreign policy as a series of transactions. But in his second term, it has evolved into something more primal. The leaked audio proves that Trump sees economic policy as theatre—and he, the self-appointed master of ceremonies. The world is a stage for his psychological dominance. The friends he loves to punish The irony of Trump's doctrine is that it targets allies far more often than adversaries. China, for all its geopolitical rivalry with the US, remains cautiously respected by Trump for 'playing hardball.' On the other hand, allies like Canada, Germany, and South Korea are routinely slapped with tariffs not because they are unfair traders—but because they are perceived as 'too comfortable' under the US umbrella. In Asean's case, Trump's tactics are creating deep anxiety. Malaysia, as Group Chair of Asean and Chief Coordinator of Asean-China relations, finds itself pulled in multiple directions. While attempting to chart a neutral and balanced foreign policy, it is simultaneously exposed to unilateral US economic coercion. Even though key exports like semiconductors remain exempted, the message is clear: exemptions today can become punishments tomorrow, unless political alignment is made explicit. Revenue as power, not policy The US$400 billion target is not just about balancing America's books. It is about transforming revenue into geopolitical leverage. Trump believes that with enough economic weight, the US can force the world to comply with its rules—whether on trade, technology standards, digital taxation, or military basing rights. The logic is rooted in power, not principle. For Trump, tariffs are not a bridge to negotiation; they are a test of fealty. Countries that comply may get exemptions or defence guarantees. Those that resist face tariffs, travel bans, or diplomatic snubs. This reconfiguration of trade as tribute has turned even America's closest allies into cautious participants in an asymmetric relationship. Asean's narrow path Asean now faces the challenge of balancing Trump's tariff addiction with its own strategic autonomy. The region must avoid being perceived as either too accommodating or too resistant. Countries like Malaysia, Indonesia, and Vietnam must reinforce intra-regional trade, accelerate digital transformation, and deepen supply chain resilience to avoid being trapped in Trump's tariff vise. Track 2 diplomacy, regional summits, and multilateral coalitions—whether through Brics+, Asean+3, or the East Asia Summit—must be mobilised not to oppose the US, but to insulate against its erratic policies. If Trump's first term taught the world about disruption, his second term is teaching them about addiction—to tariffs, tribute, and total control. In conclusion, the Trump Doctrine in 2025 is not just about 'America First.' It is about 'America Extracts.' And as long as this addiction goes unchecked, the world must brace itself—not for another trade war, but for a global system held hostage by a leader who equates economic pain with political gain. * Phar Kim Beng is a professor of Asean Studies and Director of the Institute of Internationalization and Asean Studies at the International Islamic University of Malaysia ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Malay Mail
4 hours ago
- Malay Mail
European and US markets slip after Trump warns of 35pc tariff on Canada, investors await next moves
NEW YORK, July 12 — European and US stock markets retreated yesterday as US President Donald Trump ramped up his trade offensive, threatening a 35-percent levy on Canada. Trump dampened earlier optimism by firing off more than 20 letters to governments outlining new tariffs if agreements are not reached by August 1. Bitcoin meanwhile pushed on with its climb, reaching an all-time high above US$118,000. The dollar was higher against its main rivals, and oil prices gained. Wall Street's three main indices fell, with both the S&P 500 and Nasdaq retreating from records. But the pullback was relatively modest, implying that many investors are taking a wait-and-see approach to Trump's latest tariff broadsides. 'We have yet to see new substantial tariffs actually be enforced,' said Adam Sarhan of 50 Park Investments, describing investors as sceptical the biggest levies will actually be enacted. A note from Oxford Economics characterized Trump's moves as 'more tariff theatrics,' while allowing that the levy on Canada produced 'jitters.' In Europe, where investors were awaiting news of Trump's new tariff level targeting the European Union, the Paris stock market dropped 0.9 percent and Frankfurt 0.8 percent. 'The fallout hasn't been more pronounced because the market still continues to view all of this as a point of negotiating leverage,' said analyst Patrick O'Hare of Trump dialled up his trade war rhetoric Thursday, warning that Canada faced a 35-percent tax, while other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent. That came after he outlined plans to impose 50-percent tariffs on copper imports, while threatening 200-percent levies on pharmaceuticals, and hit Brazil with a new 50-percent charge. The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being 'ripped off'. Trump's initial bombshell tariffs announcement in April sent markets into turmoil until he paused them for three months, and the latest measures have had less impact. London's FTSE 100 and the pound retreated after data showed the UK economy unexpectedly shrank in May — its second consecutive monthly decline. That followed a mixed session in Asia, where Hong Kong rose, Tokyo fell and Shanghai flattened by the close. Shares in BP jumped 3.4 percent in London after the energy giant said it expected to report higher oil and gas production for its second quarter. Levi Strauss & Co. shot up 11.3 percent after reporting higher profits on a 6.4 percent rise in revenues. The denim company scored especially solid growth in the Americas and Europe. — AFP
Malaysian Reserve
5 hours ago
- Malaysian Reserve
Centaurus Financial, Inc. Donates $30,000 to Help Victims of Deadly Texas Flooding
ANAHEIM, Calif., July 11, 2025 /PRNewswire/ — Centaurus Financial, Inc., recognizing the devastation in central Texas as a result of the severe flooding over the Fourth of July weekend, has donated $30,000 to multiple organizations helping people in the area. The Anaheim, California-based independent broker/dealer has donated $10,000 each to Samaritan's Purse, Austin Pets Alive and the American Red Cross. At least 120 lives have been lost, and more than 170 people are still missing as a result of the flooding. These groups are working around the clock helping survivors recover. 'While we are devastated as a result of the horrific loss of life in Texas, in addition to our thoughts and prayers, Centaurus felt the need to do more. At the direction of our CEO, Ron King, and the entire Executive Management Committee, we wanted to be part of the solution,' said Jerry Duhovic, Centaurus Executive Vice President, Chief Administrative Officer and Chief Compliance Officer. 'As such, we have made contributions to several organizations that are helping our fellow citizens, and the animals, to try and ease the suffering and aid in the recovery process from this unspeakable devastation and tumult.' 'It almost sounds like not enough considering this life-altering event, but the thoughts and prayers of the entire Centaurus Family are with our brothers and sisters in Texas,' he added. Samaritan's Purse, a nondenominational Christian group based in Boone, North Carolina, provides spiritual and physical aid to people around the world. The group has had teams on the ground in Kerr County, Texas, where the greatest damage was inflicted, since July 8. More information on Samaritan's Purse can be found at Click here to donate. Austin Pets Alive is leading the rescue effort to save animals that are homeless, hurt or lost in the flooding and is working to reunite them with their families. The group has rescued more than 100 pets since the floods occurred. To learn more about Austin Pets Alive, or to donate to help animals in need, go to https: The American Red Cross, as it has done for nearly 150 years, is helping by providing food, relief supplies and other resources much needed by survivors. The group also has two reunification centers where people can reunite with loved ones. To donate to the Red Cross, go to About Centaurus Financial Headquartered in Anaheim, California, Centaurus Financial, Inc. is a national independent financial services company registered and licensed to offer securities, investment advisory services and insurance products. Centaurus Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Centaurus Financial is registered as a broker/dealer and Registered Investment Adviser with the Securities and Exchange Commission (SEC). For more information about Centaurus Financial, please visit Media contact: Maryanne Dell, 714-456-1790, mdell@
