Trump's tariffs have been suspended for 90 days since April after they caused the global economy to plummet. For Malaysia, the 24% tariff imposed is excessive and is among the highest imposed. The suspension was originally set to end on July 9 but now President Trump has said it will be extended to August 1.
This is according to him because the United States is finalizing several trade agreements in the coming days and will announce higher tariff rates by July 9. Trump also announced that BRICS member countries will be subject to an additional 10% tariff. The additional tariff is imposed because BRICS is alleged to be practicing anti-American policies.
At this time, BRICS consists of Brazil, Russia, India, China, South Africa, Egypt Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. Malaysia is in the process of becoming a member with the Prime Minister currently holding meetings with the heads of BRICS countries.