Doubling down on his trade wars, President Trump is threatening to raise taxes on many goods from Canada and punish Brazil for prosecuting his friend.

Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.

Earlier this year in April, Trump announced the “Liberation Day tariffs”, which included a 24% tariff on Malaysian exports as part of a broader global plan targeting roughly 49 more countries. He then paused it for 90 days to allow for negotiations.

President Trump has told roughly two dozen countries that they will face tariffs of at least 20 percent on Aug. 1 if they don’t reach agreements by then.

The US is still Malaysia’s third-largest buyer for chip exports. The Southeast Asia nation is also responsible for packaging nearly 10% of the world’s semiconductors, and around 40% of its exports are electrical and electronic products. In 2024, the country sold over 575.45 billion ringgit-worth of semiconductors, equal to about $135 billion.

President Donald Trump revealed new higher tariff rates for more than a dozen countries after hitting Japan and South Korea first earlier in the day.

Donald Trump’s latest act of trade brinkmanship risks creating a “tariff wall” around the manufacturing hubs of south-east Asia, leading to higher prices and tough choices for US consumers and industry, analysts warn.

Asian markets largely shrugged off Trump’s latest announcement of tariff rates on some of its trading partners, as the U.S. president also seemingly pushed the start date for new taxes to August 1.