Welcome to the Trumpian circus
In a world ruled by chaos, logic and policy take a back seat.
A quick diversion today thanks to US president Donald Trump. Regular programming resumes tomorrow.
You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.
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Trump’s “Liberation Day” tariffs have arrived. Effective April 5, the US administration will impose a baseline tariff of 10% on imports from all countries.
Beginning April 9, higher so-called reciprocal tariffs target nations running substantial trade surpluses or engaging in perceived unfair trade practices.
Despite Trump’s assertion that these reciprocal tariffs mirror foreign measures against US exports, the calculation is whacked: tariffs are calculated by dividing a country's trade surplus with the US by its total US-bound exports.
For instance, Malaysia now faces a 24% reciprocal tariff — part of the so-called “Dirty 15” countries1 — though it certainly does not levy equivalent tariffs on US goods.