Malaysia Nears Trade Deal with US Amid Tariff Concerns

Malaysia is nearing a trade agreement with the United States following years of high tariffs imposed by former President Donald Trump. Prime Minister Anwar Ibrahim announced that he is close to finalizing an agreement, with a cabinet meeting scheduled for Friday expected to address remaining details. He stated on Wednesday evening that 99.9% of issues have been resolved. The two nations are set to finalize the agreement during President Trump’s visit to Kuala Lumpur for the upcoming ASEAN summit. The current tariff rate stands at 19%, while Southeast Asian countries are worried about potential additional tariffs on semiconductors.