trade partners around the world were reacting on Friday to President Donald Trump ‘s executive order that would introduce new tariffs on many of them in…
U.S. trade partners around the world were reacting on Friday to President Donald Trump ‘s executive order that would introduce new tariffs on many of them in seven days, as the global economy and alliances face a fresh test from the president’s trade agenda.
Trump’s order was issued Thursday night and came after a flurry of tariff-related activity in recent days, as the White House announced agreements with various nations and blocs ahead of Trump’s self-imposed Aug. 1 deadline.
Trump also said Thursday he would be extending trade negotiations with Mexico for 90 days. But the vast majority of nations are continuing to face uncertainty ahead of the coming deadline. And while a handful of trade deals have trickled in, many details remain hazy — with businesses and manufacturers around the world bracing for heightened operating costs and potential price hikes regardless.
Meanwhile, Trump’s overhaul of American trade policy hasn’t gone unchallenged. Appellate court judges have expressed broad skepticism around Trump’s legal rationale for his most expansive round of tariffs.
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Here’s the latest:
Malaysia’s Trade Ministry said Friday that the U.S. tariff reduction from 25% to 19% was a “significant achievement” as the deal was struck without compromising key national interests.
“The 19% rate roughly tracks the rate of other countries in the Southeast Asian region,” the ministry said in a statement. “Most importantly, Malaysia had stood firm on various ‘red line’ items, and the 19% tariff rate was achieved without compromising the nation’s sovereign right to implement key policies to support the nation’s socio-economic stability and growth.”
The ministry said that Malaysia’s economy remains resilient despite global headwinds, citing strong domestic demand and ongoing structural reforms.
The statement didn’t give further details but officials previously said non-tariff barriers such as halal certification, which affects U.S. beef and poultry exports, along with digital trade and government procurement were sticky points. It’s unclear what concessions Malaysia made.
Cambodia’s Deputy Prime Minister Sun Chanthol, who led his nation’s trade talks with the U.S., thanked Trump for setting the tariff rate on Cambodian goods at 19% and said his country will impose zero tariffs on all American goods.
When Washington originally posted its list of notional “reciprocal” tariffs, the rate for goods from Cambodia was 49%, one of the highest in the world. It had estimated that Cambodian tariffs on U.S. imports averaged 97%.
