Trump to restart trade negotiations with Thailand, Cambodia
"Just spoke to the Acting Prime Minister of Thailand and Prime Minister of Cambodia," Trump said in a Truth Social post. "I have instructed my trade team to restart negotiations on trade."
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The Sun
5 minutes ago
- The Sun
Bursa Malaysia opens lower amid US tariff concerns, weak Wall Street
KUALA LUMPUR: Bursa Malaysia opened slightly lower on Wednesday, tracking Wall Street's decline as sentiment turned cautious following weak US economic data and tariff announcements by President Donald Trump on the semiconductor and pharmaceutical sectors. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.16 points, or 0.08 per cent, to 1,537.48 from Tuesday's close of 1,538.64. The benchmark index had earlier opened 0.72 of a point lower at 1,537.92. Market breadth was negative, with 197 decliners outpacing 98 gainers. Another 287 counters were unchanged, 1,920 untraded, and seven suspended. Turnover stood at 168.44 million shares worth RM82.74 million. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local bourse mirrored the weakness on Wall Street, where sentiment turned cautious following weaker-than-expected US job market data. 'The situation worsened after Trump mentioned that separate tariffs would soon be imposed on both the semiconductor and pharmaceutical sectors. 'Nonetheless, we believe overall sentiment remains positive and expect the FBM KLCI to trend within the 1,535–1,550 range today,' he told Bernama. Among the heavyweights, Maybank and Public Bank rose 10 sen each to RM9.67 and RM4.25, respectively. IHH Healthcare added three sen to RM6.88, CIMB was unchanged at RM6.75, while Tenaga Nasional fell four sen to RM13.24. On the actively traded list, NexG eased half-a-sen to 53 sen, Top Glove dropped 2.5 sen to 61 sen, and Hartalega declined six sen to RM1.26. Harvest Miracle Capital and Pharmaniaga gained half-a-sen each to 16.5 sen and 19 sen, respectively. On the broader market, the FBM Emas Index fell 18.35 points to 11,523.62, the FBMT 100 Index declined 16.74 points to 11,289.92, and the FBM Emas Shariah Index slipped 31.83 points to 11,537.17. The FBM 70 Index dropped 60.50 points to 16,606.25, while the FBM ACE Index edged down 0.60 of a point to 4,630.86. By sector, the Financial Services Index added 18.17 points to 17,466.63. The Industrial Products and Services Index slipped 0.93 of a point to 158.47, the Energy Index fell 0.39 of a point to 740.01, and the Plantation Index declined 9.23 points to 7,354.12. - Bernama
Malay Mail
5 minutes ago
- Malay Mail
Tariff woes and soft US data drag Asian markets lower
SYDNEY, Aug 6 — Asian shares slipped along with Wall Street today, after weak US data highlighted the damage tariffs were having on economic activity and earnings, while the dollar struggled with the drag from lower bond yields. US services sector activity unexpectedly flatlined in July, data showed yesterday. Employment further weakened and input costs climbed by the most in nearly three years, underscoring the impact from President Donald Trump's tariff policy. Second-quarter earnings results also revealed pressure from Trump's tariff wars. Taco Bell parent Yum Brands missed expectations as steep trade duties dent consumer spending, while Caterpillar warned that US tariffs would cost it up to US$1.5 billion this year. 'It paints a picture of a stagflationary dynamic, which although still far from truly coming to fruition, raises the risk of a toxic mix of rising joblessness and prices as tariffs filter through the US economy,' said Kyle Rodda, senior analyst at MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, while Japan's Nikkei eked out a small 0.2 per cent gain. Both Chinese blue chips and Hong Kong's Hang Seng index were flat. Nasdaq futures fell 0.3 per cent and S&P 500 futures eased 0.1 per cent. Trump yesterday said it would announce tariffs on semiconductors and chips in the next week or so, while the US would initially impose a 'small tariff' on pharmaceutical imports before increasing it substantially in a year or two. He also said the US was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement was struck. However, he threatened to further raise tariffs on goods from India over its Russian oil purchases. In currency markets, the dollar consolidated after sliding from two-month highs last Friday on a weak jobs report that had markets price in a near-certain chance of a Federal Reserve interest rate cut in September. The dollar index, which measures the US currency against six counterparts, was flat at 98.821 and was up 0.1 per cent this week after Friday's 1.4 per cent fall. Fed funds futures imply a 94 per cent chance of a rate cut next month, with at least two cuts priced in for this year, according to the CME's FedWatch. Investors are waiting for Trump's pick to fill a coming vacancy on the Federal Reserve's Board of Governors. Trump said the decision will be made soon, while ruling out Treasury Secretary Scott Bessent as a contender to replace current chief Jerome Powell, whose term ends in May 2026. Treasury yields edged up overnight after a US$58 billion auction of three-year notes went poorly, but still hovered near multi-month lows. More supply will hit the market this week with US$42 billion in 10-year notes today and US$25 billion in 30-year bonds tomorrow. Two-year Treasury yields rose 1 basis point to 3.7284 per cent, having risen 3.5 bps overnight, while benchmark 10-year yields ticked up 2 bps to 4.2198 per cent, after holding steady overnight. In commodity markets, oil prices edged up after four straight sessions of declines. US crude rose 0.2 per cent to US$65.3 per barrel, while Brent was at a one-month low of US$67.78 per barrel, up 0.1 per cent. Trump said yesterday he will decide on whether to sanction countries who purchase Russian oil after a meeting with Russian officials scheduled for today. — Reuters
New Straits Times
35 minutes ago
- New Straits Times
The 13th Malaysia Plan: Strategic clarity in an age of disruption
LETTERS: As economic certainties are breaking apart at the seams by fragmentation, digital disruption and rising protectionism, the tabling of the 13th Malaysia Plan (13MP) under the Madani government could not have come at a more critical juncture. Where once there was predictability and stability, bolstered by robust competition, the global landscape is now dominated by intense strategic rivalry and geo-economic uncertainty. Long a trading nation and a highly open economy, Malaysia must navigate these treacherous waters, exposed to global headwinds, not least the Trump administration's re-imposition of tariffs. The current 19 per cent duty on most Malaysian exports to the US, though a reduction from earlier announcements, reflects a difficult compromise. Exemptions for key sectors such as semiconductors soften the blow, but the overall message is clear: trade is becoming more politicised, and diversification is no longer optional but essential. Some have suggested that Malaysia's arrangement with the US bears little distinction from those secured by its regional peers, or worse, represents a form of quiet capitulation. Such critiques overlook a key reality: economic diplomacy in today's climate is no longer about extracting perfect outcomes, but about managing asymmetries wisely. Malaysia's approach has been guided by strategic calculus, not submission, and herein lies the difference. Malaysia has safeguarded critical policy space, including Bumiputera affirmative action, protective tariffs for strategic industries such as automotive, and the continued issuance of Approved Permits (APs), all while ensuring continued dialogue with Washington. The 13MP responds to these realities with a forward-looking framework that positions the country for resilience and renewal. It outlines a vision of strategic autonomy rooted in structural reform, domestic capacity-building and constructive global engagement. Building Strength for a Digital and Industrial Future A central theme of the 13MP is the development of Made by Malaysia products, anchored in existing policy documents such as the New Industrial Master Plan 2030. In addition to prioritising research, commercialisation and innovation, the 13MP supports high-growth sectors, aims to attract high-impact investments, and strengthens the nation's talent base. This ambition is writ large in the commitment to artificial intelligence and digital transformation. Malaysia must move beyond backend assembly in global value chains. The RM10 billion investment by Nvidia, partnering Khazanah Nasional, reflects international confidence in Malaysia's capacity to become a regional pivot for high-performance computing, AI infrastructure and data governance. Yet, this is only the beginning. The 13MP envisions nurturing home-grown innovation, making domestic firms more competitive and equipping Malaysians for the technological frontier. It advances these goals by strengthening industry-academia collaboration, supporting the AI ecosystem under the National AI Roadmap, and promoting agile governance through regulatory sandboxes. At its core, the 13MP is about economic, institutional and societal resilience. The focus is on value creation and long-term quality investment, where public spending and policy incentives serve strategic objectives, not the least being boosting domestic value capture and supporting high-impact sectors. As for the National Energy Transition Roadmap, gearing the nation towards a low-carbon, high-value economy, the kicker is in catalytic projects and investment opportunities in green hydrogen, solar manufacturing and grid modernisation. Energy resilience and environmental stewardship are crucial to ensure we aren't left at the starting block in the global green economy race while laying the foundation for new industrial ecosystems that align with long-term national interests. Reclaiming Global Relevance Through Economic Diplomacy Malaysia's tradition of non-alignment remains a key advantage. Our credibility with both East and West, combined with a reputation for moderation and consistency, positions us to bridge divides in a fractured global order. The 13MP builds on this by encouraging deeper engagement with emerging markets, reinforcing commitment to multilateral platforms such as the Regional Comprehensive Economic Partnership, and reaffirming Malaysia's leadership role in Asean as well as participation in BRICS. Economic diplomacy, in this regard, is not incidental but a core pillar of the 13MP, demonstrating the inextricable link between domestic reform and global positioning. By expanding trade relations with sub-Saharan Africa and Latin America and leveraging existing trade agreements, the 13MP seeks to fortify resilience in an era of shifting power and contested norms. Its call for fairness, predictability and sovereignty in digital and trade governance reflects long-term strategic interests. Still, the 13MP is only as strong as its execution. While Malaysia has never lacked for vision, the adage that between the ideal and the reality falls the shadow of incoherence and failure sometimes still rings true. Nevertheless, we take heart that the 13MP introduces mechanisms for inter-agency coordination, performance tracking and institutional accountability. This is vital considering that we were once dragged down by a system that prioritised form over substance. And, in order to truly appreciate the role of the 13MP in today's context, we must move beyond outdated critiques and assess what national planning means in an era of complexity and disruption. It has become fashionable among some commentators to dismiss Malaysia's five-year plans as relics of Soviet-style economic totalitarianism. But this ignores both the evolution of the planning process and the complexity of modern governance. Unlike Stalinist central planning, the 13MP does not attempt to micromanage the economy, nor does it presume to absolutely override market mechanisms. Instead, it provides strategic clarity in areas where the market alone cannot resolve collective dilemmas such as climate resilience, energy security, digital infrastructure and regional inequality. Clearly, Adam Smith's "invisible hand" has remained largely invisible in times of economic turmoil. Intervention, where strategically planned and executed, is imperative. Most importantly, the 13MP is not a promise of overnight transformation. Real change demands political will, technocratic skill and broad societal alignment. It calls for the courage to move beyond antiquated paradigms and the discipline to commit to long-term thinking. In the end, the 13MP represents a new understanding of development. It is not about managing scarcity or distributing subsidies, but about unlocking potential, building strategic capacity and preparing for a future that will not wait. If we approach the implementation of the 13MP with the same earnestness and clarity with which it was conceived, Malaysia can do more than weather the global storm. We can reclaim our agency, shape our regional future and advance a model of shared prosperity rooted in resilience, inclusion and innovation. A tall order, no doubt, but by no means unattainable
