US President Donald Trump made a bombshell announcement on Wednesday (2 April) that could have a massive impact on the global economy, asserting that the US would impose a 10% baseline tariff on all imports to the country and higher duties on many other nations, including Malaysia.
As reported by Reuters, the 47th US President brought out a board listing the country’s biggest trading partners and the reciprocal tariffs the US would impose on them, with Malaysia notably high on the list.
Malaysia hit with a 24% reciprocal tariff by Trump’s US
Specifically, Malaysia was 11th on the board, which further revealed that the US will be imposing a 24% reciprocal tariff on our country.
According to the White House, this was in response to Malaysia’s 47% tariff charged to the US, including currency manipulation and trade barriers.
Of course, Malaysia is not the only country affected by the reciprocal tariffs. Trump announced that China will be hit with a 34% tariff, which will be on top of the 20% he had previously imposed, bringing the total new levy to 54%.
Besides that, the European Union was hit with a 20% tariff, Taiwan with a 32% tariff, Vietnam with 46%, Japan with 24%, South Korea with 25%, Thailand with 36% and Indonesia with 32%, among others.
Trump stressed that these reciprocal tariffs were a response to duties and other non-tariff barriers put on US goods, asserting,
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friends and foe alike,”
So, what do you guys think of Trump’s announcement? Share your thoughts with us in the comments.
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