Trump Extends Tariffs, Cabinet Meets Amid Global Trade Tensions

President Donald Trump has delayed the implementation of new tariffs on several countries, including a 25% tariff on Malaysian products, pushing the effective date to August 1 and extending negotiation deadlines. This move follows Trump's previous announcement of tariffs that sparked initial market concerns but were largely shrugged off by world markets. Malaysia's trade officials, including the Ministry of Investment, Trade and Industry and the Cabinet, are preparing to address these tariffs, emphasizing ongoing negotiations with the U.S. despite the increase from 24% to 25%. Trump concurrently held a Cabinet meeting to discuss the tariffs, his recent major tax and immigration legislation, and international conflicts, including wars in Ukraine and Gaza. The U.S. administration's trade actions have also been met with diplomatic engagements, such as Israeli President Benjamin Netanyahu's visit to Washington following U.S. strikes on Iran's nuclear facilities. Meanwhile, Malaysia is focusing on diversifying its export markets amid threats of additional tariffs tied to its alignment with the BRICS group, with government officials expressing confidence in overcoming trade challenges.