Asean has reiterated its commitment to multilateral trade principles and does not plan to retaliate against US tariff actions.
The Malaysian delegation, led by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, told US trade representatives that Malaysia is open to talks on reducing the trade deficit, addressing non-tariff barriers, improving technological security, and exploring a potential trade agreement.
Thailand may need at least 500 billion baht (US$15 billion) for economic stimulus measures to address the impact of US tariffs, its finance minister said on Wednesday.
Thai exports rose for a ninth straight month in March and exceeded expectations, reaching the highest level in three years, although steep US tariffs remain a concern, says the Commerce Ministry.
The US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country’s renewable power development.
The agreement is seen to enhance business opportunities across a free trade area of over 703 million people, with a combined gross domestic product of more than US$5.6 trillion (S$7.3 trillion).
Singapore's key consumer price gauge rose 0.5% in March from a year earlier, official data showed on Wednesday, the lowest annual rate since 0.6% in June 2021.
US firms importing from Singapore face nearly $1.6b in added costs from 10% base tariffs.
<p>Time: 2024 By: Ministry of Industry and Trade</p>
