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Global trade war escalating?

WASHINGTON: President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars.

Trump posted his threat on Twitter the day European Union reprisals took effect against U.S. tariffs on European steel and aluminium. The EU targeted $3.2 billion in American goods exported to the 28-member bloc.  "If these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!" Trump wrote.

Most Asean markets lower on trade woes, Philippines falls over 2%

SINGAPORE: Most South East Asian shares traded on a weak note on Friday as investors assess the likely fallout of a global trade spat on corporate earnings, with the Philippines continuing its dismal run with an over 2 percent fall in early trade.

Vehicle sales fall 15% in May

PETALING JAYA: Vehicle sales fell 15% to 42,983 units in May 2018 from 50,594 units in the previous corresponding period, marking the fourth consecutive month this year that car sales have been declining.

In a statement yesterday, the Malaysian Automotive Association (MAA) said the announcement of zero-rated Goods and Services Tax (GST) on May 16 had resulted in market uncertainties.

Ringgit higher against US$ on bargain hunting

KUALA LUMPUR: The ringgit was higher against the US dollar early Wednesday, reversing yesterday's losses and as bargain hunting emerged to take advantage of the recent depreciation, a dealer said.

The dealer said Tuesday's weaker close was the first time the ringgit had breached the 4.0 level in more than five months, pushing demand for the local currency, despite uncertainty over Malaysia's fiscal deficit as well as US-China trade war tensions.

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