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Trump Threatens Additional 50% Tariffs on China

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WASHINGTON: US President Donald Trump has issued a fresh warning to Beijing, threatening to impose an additional 50% tariff on Chinese imports unless China retracts its planned retaliatory measures. This move, announced via his Truth Social account on Monday, comes on top of a 34% tariff already set to take effect on April 9, potentially pushing total additional tariffs on Chinese goods this year to a staggering 104%, according to the White House. “If China does not withdraw its 34% increase above their already long-term trading abuses by tomorrow, April 8, the US will impose ADDITIONAL Tariffs on China of 50%, effective April 9,” Trump stated. The tariff escalation is part of Trump’s broader agenda to impose “reciprocal” tariffs on countries with significant trade surpluses with the US. The 34% hike announced last week already triggered a matching countermeasure from Beijing, set to take effect on April 10, along with additional export controls on rare earth elements. Since returning to office, Trump has also levied 20% duties on Chinese imports in response to China’s alleged involvement in the fentanyl supply chain. The White House confirmed that these new tariffs would compound earlier duties imposed during Trump’s first term, most of which were maintained by President Joe Biden, with additions in specific sectors. In his post, Trump accused China of “non-monetary tariffs” and “illegal subsidisation” of its companies. He further announced that all discussions with China would be suspended, although the US would proceed with negotiations with other nations that have requested trade talks.–AFP

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AirAsia named official airline partner for Malaysia-China Summit 2024, provides exclusive offers to China and Asean participants

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KUALA LUMPUR: AirAsia has been announced as the Official Airline Partner for the Malaysia-China Summit 2024 (MCS 2024), enhancing accessibility and connectivity for delegates and participants from China and ASEAN countries. The announcement was made at the MCS 2024 Networking Engagement Series in Kuala Lumpur, underscoring the summit’s significance as a key event marking the 50th anniversary of Malaysia-China diplomatic relations. As the largest foreign low-cost carrier between Malaysia and China, AirAsia will offer exclusive travel deals to summit participants. These promotions are valid for travel dates from 9 – 20 December 2024, with bookings available on the MCS 2024 website at www.malaysia-chinasummit.com.my. The promotional routes include AirAsia flights to major Asian cities such as Hong Kong, Hangzhou, Shenzhen, Guangzhou, Shanghai, Chengdu, Jakarta, Ho Chi Minh City, Singapore, Bangkok, Phnom Penh, Siem Reap, Sihanoukville, Vientiane, and Manila. Delegates arriving in Kuala Lumpur can also utilize AirAsia Ride for local transportation, complemented by offerings such as AirAsia’s Santan meals and exclusive merchandise at the summit, ensuring a comprehensive Malaysian hospitality experience. MCS 2024 is organized by Qube Integrated (M) Sdn Bhd in collaboration with the Malaysia External Trade Development Corporation (MATRADE) and is endorsed by the Ministry of Investment, Trade and Industry. The summit, scheduled for 17 – 19 December 2024 at the Malaysia International Trade and Exhibition Centre, is expected to attract 500 exhibitors and 10,000 delegates from Malaysia, China, and ASEAN. It will feature a three-day international trade and investment expo and a two-day Leadership Conference. YBhg. Dato’ Shaharuddin bin Abu Sohot, Deputy Secretary-General (Management) of the Ministry of Tourism, Arts and Culture, emphasized the importance of partnerships in promoting regional connectivity and cultural exchange. He also highlighted the significance of post-COVID recovery and promotional campaigns to position Malaysia as a premier tourism and MICE destination in Asia. “Business travellers contribute significantly more than typical tourists due to their longer stays and higher spending on transportation, accommodation, and dining. We are enhancing our facilities to attract more business travellers, especially during key events like international conferences, expositions, and corporate gatherings. MCS 2024 is a crucial platform to showcase Malaysia as a tourism and MICE destination. Through Tourism Malaysia, we are proud to be a strategic partner for the summit, curating the country’s rich cultural heritage and diverse tourist attractions,” Shaharuddin added. Richard Teo, Executive Chairman of Qube Integrated and summit organizing chair, expressed his enthusiasm about the partnership with AirAsia: “AirAsia’s extensive network and innovative services make it an ideal partner for the summit, ensuring affordable and quality travel for delegates worldwide. This partnership will help publicize Malaysia as a key destination for business and leisure while showcasing AirAsia’s capability in business and trade travel.” AirAsia Group Chief Commercial Officer Paul Caroll said: “As the largest foreign low-cost airline in China, we are honored to be the official airline partner for the Malaysia-China Summit 2024. This strategic partnership aligns with AirAsia’s ongoing expansion across the region. We operate direct flights to 16 destinations from Malaysia to China, including exclusive routes. Celebrating the 50th anniversary of Malaysia-China bilateral relations, we are committed to strengthening ties through tourism and contributing to the arrival of five million Chinese tourists, as set by Tourism Malaysia this year. With the visa-free entry announced by both nations, we remain dedicated to our role as a key aviation player and market leader in Asia. AirAsia has expanded beyond leisure travel, now catering to businesses and trade through our AirAsia Corporate Travel Programme, introduced earlier this year, offering exclusive benefits for business travellers.” In addition to Tourism Malaysia, the China Enterprises Chamber of Commerce in Malaysia (CECCM) was announced as a strategic partner for the summit to drive participation and business opportunities. Other strategic partners include the Malaysia-China Business Council, Malaysia-China Chamber of Commerce, The National Chamber of Commerce and Industry of Malaysia, the Malaysian Chamber of Commerce and Industry in China, and the Malaysia Convention & Exhibition Bureau.

Investment & Market Trends, News

Malaysia to Engage in Deeper Collaboration with China

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KUALA LUMPUR: Malaysia foresees significant potential for deepened collaboration with China, mainly in industries such as infrastructure, digital economy, green development, new energy vehicles and the rare earth, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He noted that Malaysia’s MADANI initiative aligns with the values and principles of the Community Shared Future (CSF) advocated by President Xi Jinping since 2013. “Both concepts advocate and promote innovation, care and compassion, inclusiveness and mutual respect. The MADANI economic framework aims to strengthen national competitiveness by focusing on fiscal sustainability, excellent governance and effective service delivery. “The two countries can translate these concepts into reality for the benefit of their people,” Fadillah said during his keynote speech at the Malaysia-China Commemorative Forum, which was presented by Deputy Energy Transition and Water Transformation Minister, Akmal Nasrullah Mohd Nasir. Fadillah also emphasised on Malaysia’s leadership in promoting renewable energy through its partnership with China, considering that both nations are heavily investing in clean technologies such as solar, wind and hydroelectric power. He said that the Malaysia-China collaboration has expanded beyond technology, with both countries actively participating in knowledge-sharing initiatives to harness the immense potential of green energy. “Through these initiatives, we strive to reduce greenhouse gas emissions and mitigate the impacts of climate change. By prioritising innovation and sustainable development, Malaysia and China are making significant contributions. “We are addressing global climate challenges while also unlocking new economic opportunities. This dual approach promotes growth while ensuring environmental stewardship,” he added. China has remained Malaysia’s largest trading partner for the past 15 years, with total trade between the 2 countries reaching US$98.8 billion (RM450.84 billion) in 2023, with imports from China amounting to US$56.69 billion (RM258.63 billion). These imports predominantly consist of electrical and electronics products, machinery and chemicals, underscoring the robust economic relationship between the two nations. Meanwhile, Malaysia-China Business Council Executive and Acting Director Datuk Alvin Tee Guan Pian highlighted an increasing interest among Chinese investors, particularly in the data centre industry. “Malaysia is among the earliest countries in the region to venture into the digital economy. We established the Multimedia Super Corridor to accelerate the industry’s growth. As we open our doors to investors, we need to ensure that we meet the local content requirements. “We must ensure that wherever investors from China come in, the local content contribution is reasonable. We don’t want to close our doors, but it must genuinely be a win-win situation,” he added. — BERNAMA

Investment & Market Trends, News

Malaysia-China Trade Strengthens 3.3%, Reaching RM112 Billion

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KUALA LUMPUR: Malaysia’s total trade with China increased 3.3% year-on-year to over RM112 billion in the first quarter of this year, according to the Malaysia External Trade Development Corporation (MATRADE). Chairman Datuk Seri Reezal Merican Naina Merican said during the period, Malaysia recorded RM44.5 billion worth of exports to China with electrical and electronics (E&E) products being the biggest exports. In his keynote speech during the 21st China-ASEAN Expo (CAEXPO) promotional conference, Reezal said that E&E products made up 32.6% of the country’s total exports to the world’s second-largest economy. Meanwhile, imports were valued at RM67.78 billion comprising intermediate goods meant for the manufacture of products for exports such as E&E products, machinery, equipment and parts as well as chemicals and chemical products. Reezal said that China remained Malaysia’s largest trading partner and primary source for imports last year, while Malaysia was China’s 10 largest global trading partner as well as the second largest trading partner within ASEAN. On CAEXPO 2024, he said that MATRADE is targeting 150 Malaysian companies to join the event, which will be held from 24-28 September this year in Nanning, China. “This year would be special for Malaysia, as we have been invited to be the country of honour and the Malaysian Pavilion will be given special highlights. We will have a significantly larger pavilion to provide ample space for Malaysian companies to showcase a wider range of offerings,” Reezal announced, highlighting that the CAEXPO is a golden opportunity for Malaysian companies to tap into the China market. Last year, the Malaysia Pavilion – officiated by Prime Minister Datuk Seri Anwar Ibrahim – recorded a total sales of RM625.42 million and saw seven memoranda of understanding signed for further potential sales. — BERNAMA

Energy & Technology, News

Malaysian Residents Will Experience Eased Payments in China

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KUALA LUMPUR: In a move to enhance travel facilitation, both Malaysia and China have recently implemented a short-term visa waiver program, allowing citizens of each country to travel visa-free for tourism and business purposes. With the increasing flow of people in both directions, UnionPay International (UPI) further optimises payment services. UPI plays a pivotal role in facilitating seamless payment experiences for Malaysian residents making local consumptions as well as travelling abroad including China. UPI offers a range of payment products, including credit cards, debit cards, and locally UnionPay-enabled e-wallets like SPay Global and GoPayz, ensuring cardholders have convenient payment options without the hassle of managing cash when travelling abroad. Recently, UnionPay announced the launch of Project Excellence 2024, a significant initiative aimed at enhancing payment services in China to cater to the needs of tourists and foreigners. This initiative, coupled with the seamless payment experience offered by UnionPay, simplifies travel between the two countries and encourages greater tourism and business exchanges. Tourists visiting China could consult at information booths at tourist hotspots for payment solutions provided by UnionPay and participate in various promotional activities under the theme “Explore China Your Way with UnionPay”. UPI also collaborates with travel-related organisations such as the Malaysia-China Folklore Culture Tourism Association, participating in events like the upcoming “Nihao, China” travel fair.

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