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.

U.S. Secretary of State Marco Rubio met his Japanese and Philippine counterparts in a meeting Thursday on the sidelines of the Association of Southeast Asian Nations’ annual ministerial meetings in Malaysia. The U.S., Japan and the Philippines have been building a trilateral bloc to broaden security and economic cooperation.

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.

Donald Trump's top trade negotiators have added more time to the clock after the White House failed to reach its 90 deals in 90 days target.

This chart shows the new tariff rates for 14 countries that received letters from Trump should they fail to reach a trade deal with the U.S. by August 1.

The U.S. started imposing tariffs by letter to a variety of countries Monday, pairing new rates with an explicit warning that even those could change at any time. Why it matters: After months of threats,

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

Financial markets are wobbling this week after President Trump extended his 90-day deadline for big trade deals over the weekend, following the imposition of unilateral tariffs on dozens of U.S. trading partners back in April.

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.