DONALD Trump’s victory in the 2024 US presidential election has raised global concerns about how his economic policies may impact countries like Malaysia.

With an “America First” approach focused on protecting domestic interests, the Trump administration is expected to reshape international trade, shift investment flows and influence geopolitical relationships.

For Malaysia, this outcome presents not only challenges but also opportunities in key economic sectors, including trade, foreign investment and commodities.

Trump is anticipated to continue protectionist policies that prioritise US jobs and domestic production. His proposal to impose a 10% import tariff on all goods entering the US aims to reduce reliance on foreign products and bolster domestic manufacturing.

Additionally, Trump’s plan to impose tariffs as high as 60% on Chinese products could have significant implications for Malaysia, one of the major exporters of electronic products and components to the US. If high tariffs are applied to Chinese goods, Malaysian products incorporating Chinese components could also be impacted, potentially diminishing US demand for Malaysian exports.

While this situation presents risks, it also provides opportunities as companies diversify supply chains away from China. Malaysia benefitted from the “China+1” strategy during Trump’s first term, as exports to the US increased amid US-China trade tensions.

Malaysia’s semiconductor industry, a focus of large investments from multinational companies such as Intel and Infineon, may continue to attract interest as a stable manufacturing base.

Currently, Malaysia holds around 13% of the global market in chip packaging and testing, making it a favourable location for companies seeking to expand operations outside of China. These conditions indicate Malaysia’s potential to further establish itself as a manufacturing hub if it can maintain political stability and investor-friendly economic policies.

The energy sector is also likely to be affected. Trump’s pro-oil stance could lead to increased US production and exports of fossil fuels. Should global oil prices rise, Malaysia, as an oil exporter, stands to benefit from higher national revenue.

However, rising oil prices also carry inflationary risks, as increased energy costs could drive up production costs and consumer prices domestically. While the energy sector may gain, higher energy costs could pressure consumer purchasing power and escalate operational costs for local industries.

To maximise these potential gains, Malaysia will need to balance these impacts on the consumer sector and ensure monetary policies support price stability.

The Malaysian commodity sector, particularly palm oil, faces potential challenges as well. During Trump’s first term, the US imposed import restrictions on Malaysian palm oil companies such as FGV Holdings and Sime Darby Plantation over allegations of forced labour. These restrictions affected Malaysian palm oil exports to the US, reducing revenue and harming the country’s image as a responsible producer.

Should similar policies persist, Malaysia will need to strengthen sustainable labour practices and meet international standards to retain access to global markets and protect its reputation as an ethical producer.

Trump’s policies could bring added uncertainty to Malaysia’s capital markets and the ringgit’s value. With US interest rates currently at 4.75%-5.00%, any influence Trump may exert on the Federal Reserve to raise rates could lead global investors to favour US assets, potentially causing capital outflows from Malaysia.

In 2023, Malaysia saw a 6.8% decline in foreign equity inflows, and the ringgit depreciated by around 8% against the US dollar. This shift reduces liquidity in local capital markets, and foreign investors may approach Malaysian equities with greater caution, especially if Trump’s policies introduce additional tariffs or trade restrictions.

As demand for the US dollar rises, the ringgit may face continued downward pressure. A weaker ringgit could increase import costs, particularly in vital sectors like food and technology, compounding domestic inflationary pressures, which currently stand at 2.8%.

To address these challenges, Malaysia needs a strong risk management strategy to maintain market stability and support the ringgit amid growing uncertainties.

In addition, Trump’s protectionist stance may directly impact Foreign Direct Investment (FDI) into Malaysia. As a manufacturing hub in Southeast Asia, Malaysia could see reduced FDI if the US pursues an aggressive stance on countries with significant trade surpluses.

Trump’s emphasis on protecting US jobs and domestic economic interests may lead to decreased investment from US companies in Malaysia.

Concurrently, prolonged US-China trade tensions could make investors more cautious about Malaysia, which may be perceived as politically and economically vulnerable. Any decline in FDI could affect job creation, technology growth and Malaysia’s long-term economic stability.

Furthermore, Trump’s victory raises concerns about the future of the US-led Indo-Pacific Economic Framework (Ipef). Trump has previously expressed a desire to withdraw from trade agreements like Ipef, which he sees as “another TPP”. If this happens, Malaysia may face challenges in maintaining market access and regional economic integration.

To prepare, Malaysia must diversify its trade partnerships, strengthen local industries and foster growth in resilient sectors. Malaysia’s involvement in Ipef reflects its commitment to regional economic integration, which could help mitigate the negative effects of US protectionist policies.

In summary, Trump’s victory could have significant implications for Malaysia’s economy. Protectionist policies and prolonged trade tensions could disrupt global supply chains, increase market uncertainty and challenge Malaysia’s economic growth.

Malaysia must be prepared with sustainable and adaptable strategies to tackle these challenges while capitalising on emerging opportunities to maintain economic resilience amid an increasingly complex global landscape.

The writer is a researcher and Islamic Finance consultant.
Comments: letters@thesundaily.com

WASHINGTON: U.S. President-elect Donald Trump said on Tuesday he has picked Fox News Channel host Pete Hegseth to be secretary of defense, tapping an outsider who has railed against diversity in the military.

“Pete is tough, smart and a true believer in America First,“ Trump said in a statement. “With Pete at the helm, America’s enemies are on notice - Our Military will be Great Again, and America will Never Back Down.”

Hegseth is an Army National Guard veteran and according to his website served in Afghanistan, Iraq, and Guantanamo Bay, Cuba.

Hegseth has said he left the Army in 2021 after being deemed an extremist by an Army that didn't want him anymore.

“The feeling was mutual -- I didn’t want this Army anymore either,“ Hegseth said in his book “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free.”

There is already anxiety in the Pentagon that Trump aims to root out military officers and career civil servants he perceives to be disloyal.

Culture war issues could be one trigger for firings. Trump was asked by Fox News in June whether he would fire generals described as “woke,“ a term for those focused on racial and social justice but which is used by conservatives to disparage progressive policies.

“At a basic level, do we really want only the woke ‘diverse’ recruits that the Biden administration is curating to be the ones with the guns and the guidons?” Hegseth wrote in “The War on Warriors,“ which was published in June.

“We want those diverse recruits -- pumped full of vaccines and even more poisonous ideologies -- to be sharing a basic training bunk with sane Americans,“ he said.

Trump's former U.S. generals and defense secretaries are among his fiercest critics, with some declaring him unfit for office. Angered, Trump has suggested that his former chairman of the Joint Chiefs of Staff, Mark Milley, could be executed for treason.

JAKARTA: Airlines in Australia, Hong Kong, India, Malaysia and Singapore cancelled flights to and from the Indonesian resort island of Bali on Wednesday, after a nearby volcano catapulted an ash tower miles into the sky.

Australia’s Jetstar, Qantas and Virgin Australia all grounded flights after Mount Lewotobi Laki-Laki on Flores island spewed a nine-kilometre (5.6-mile) tower a day earlier.

Malaysia Airlines, AirAsia, India’s IndiGo and Singapore’s Scoot also listed flights as cancelled on Wednesday, according to an AFP journalist at Bali’s international airport.

“Volcanic ash poses a significant threat to safe operations of the aircraft in the vicinity of volcanic clouds,“ said AirAsia as it announced several cancellations.

Multiple eruptions from the 1,703-metre (5,587-foot) twin-peaked volcano in recent weeks have killed nine people, with 31 injured and more than 11,000 evacuated, Indonesia’s disaster mitigation agency said Tuesday.

Eruptions can pose serious risks to flights, disgorging fine ash that can damage jet engines and scour a plane’s windscreen to the point of invisibility.

Hong Kong’s Cathay Pacific also listed its flights as cancelled, rescheduling routes to and from Bali until Thursday.

“Virgin Australia has made some changes to its current flight schedule, due to the impacts of the volcano in Indonesia,“ the airline said, listing scrapped flights to Sydney and Melbourne.

Jetstar said all flights to and from Bali would be halted until noon on Thursday.

“Due to volcanic ash caused by the Mount Lewotobi eruption in Indonesia, it is currently not safe to operate flights to and from Bali,“ the company said in an advisory.

Qantas said “a number of flights to and from Denpasar Airport in Bali have been disrupted” due to volcanic ash from Lewotobi.

Malaysia Airlines said it had cancelled six flights Wednesday in a statement on its website.

The airlines said they would monitor the volcano’s status and provide updates.

Singapore’s Scoot and Malaysia’s AirAsia did not immediately respond to an AFP request for comment. Singapore Airlines was still listing its flights as running on Wednesday.

refunds, rescheduling, re-routing

Ahmad Syaugi Shahab, general manager of Bali’s international airport, said 12 domestic and 22 international flights had been affected on Tuesday, without identifying the routes.

He did not provide details about affected flights on Wednesday’s schedule.

“Due to this natural event impacting flight operations, airlines are offering affected passengers the options of refunds, rescheduling, or re-routing,“ he added in a statement.

Bali’s international airport operator PT Angkasa Pura Indonesia said Wednesday it had conducted tests in its airspace and no volcanic ash was detected, saying the airport was “operating as normal”.

Lewotobi erupted again from midnight Wednesday until early morning, and a large ash column could be seen pouring from its crater, an AFP journalist nearby said.

Laki-Laki, which means “man” in Indonesian, is twinned with a calmer volcano named after the Indonesian word for “woman”.

The island’s economy is heavily reliant on tourism but Indonesia is one of the most disaster-prone nations on Earth, straddling the Pacific Ring of Fire where tectonic plates collide.

Lombok, an island neighbouring Bali, was rocked by earthquakes in 2018 that killed more than 500 and sparked a mass exodus of foreigners from the tropical paradise.

CAIRO: Sudan has seen a surge in extreme violence in recent weeks as the warring military and paramilitary push for a decisive victory, with no political solution in sight.

Fighting between the Sudanese army and the Rapid Support Forces (RSF) has intensified since late October, with reports of attacks on civilians including sexual violence against women and girls raising alarm.

The war that erupted in April 2023 has created what the UN calls the world’s worst displacement crises, with more than 11 million people forced from their homes.

It has put the country on the brink of famine, and sparked warnings of intensifying violence in a war that has already killed tens of thousands.

“Over the last two weeks, the situation in the country has been marked by some of the most extreme violence since the start of the conflict,“ according to Rosemary DiCarlo, UN Under-Secretary-General for Political and Peacebuilding Affairs.

“Let me stress that both warring parties bear responsibility for this violence,“ she said, adding that both sides “seem convinced they can prevail on the battlefield.”

Since October 20, at least 124 civilians have been killed in central Al-Jazira state and another 135,000 have fled to other states, according to the UN.

With global attention focused on other wars, chiefly in Ukraine and the Middle East, civilians in Sudan are paying a steep price for the escalation.

“All indicators so far show that both sides are committed to military solutions, with no genuine interest in political resolutions or even easing the suffering of civilians,“ according to Mohamed Osman of Human Rights Watch.

Amani al-Taweel, director of the Africa programme at the Al-Ahram Center for Political and Strategic Studies in Cairo, agreed.

“There is no political solution on the horizon,“ she told AFP, adding that both sides were seeking a “decisive military solution”.

Split

The war in Sudan has pitted army chief Abdel Fattah al-Burhan against his erstwhile ally Mohamed Hamdan Daglo, leader of the RSF.

The country is split into zones of control, with the army holding the north and east, and the government based in Port Sudan on the Red Sea coast.

The RSF controls much of the capital Khartoum, the Darfur region in the west and parts of Kordofan in the south, while the centre is split.

With no mandatory military conscription, the Sudanese army includes Islamist-leaning forces as well as other factions.

The RSF is primarily made up of tribal militias from Darfur’s Arab communities.

According to local reports, the army has about 120,000 troops while the RSF has 100,000.

On the battlefield, Sudan’s air force gives the military an advantage.

Rights groups have accused both sides of committing atrocities.

The UN population agency published on Tuesday horrific accounts of women and girls fleeing the violence, including one who said she was urged to kill herself with a knife rather than be raped.

‘Deadlock’

Successive rounds of talks have been held in Saudi Arabia, but the negotiations have yet to produce a ceasefire.

In August, the Sudanese military opted out of US-brokered negotiations in Switzerland and an African Union-led mediation has also stalled.

“The deadlock in peaceful channels, whether regionally or internationally, is exacerbating the violence,“ said Mahmud Zakaria, a professor of political science at Cairo University’s Faculty of African Postgraduate Studies.

Since October, the RSF escalated its attacks in Al-Jazira state, south of Khartoum, following what the military said was the defection of one of its commanders to the army.

Before the war, Al-Jazira was known as Sudan’s breadbasket, hosting Africa’s largest agricultural project, yielding 65 percent of the country’s cotton, according to Zakaria.

Proxy war?

Some areas have been scarred by conflict before.

Darfur saw a major war two decades ago, during which the then-government’s allies in the Janjaweed militia faced accusations of ethnic cleansing and genocide.

With roots in the Janjaweed, the RSF became a force in its own right in 2013.

Sudan’s conflict has increasingly drawn in regional powers, prompting the United States to urge all countries to stop arming rival generals.

Former Egyptian deputy foreign minister for African affairs Ali el-Hefny said progress will require global willpower.

Instead, foreign powers are “fuelling the violence, delaying Sudan’s return to stability”, he said.

The army has accused the United Arab Emirates of backing the RSF -- a charge it strongly denies.

In December, UN experts monitoring an arms embargo on Darfur described as “credible” allegations Abu Dhabi had funnelled weapons to Daglo’s forces on cargo planes.

The RSF has in turn alleged Egyptian support for the army, which Cairo has also denied.

Army chief Burhan has historically been close to Egyptian President Abdel Fattah al-Sisi, who pledged his “continued support” earlier this month.

KUALA TERENGGANU: A crane driver and two tow truck operators pleaded not guilty in the Magistrate’s Court here today to charges of abducting a man last week.

The accused, Mohd Sabri Zakarya, 42, Muhamad Hafiz Hasbullah, 35, and Hairudin Sabri Abas, 40, claimed trial after the charges were read before Magistrate Noor Mazrinie Mahmood.

According to the charge, the three men were accused of forcibly abducting a 53-year-old man with the intent to confine him secretly and unlawfully in the motorcycle parking area in front of Bank Islam at a hypermarker here at around 2 pm on Nov 7.

They were charged under Section 365 of the Penal Code read together with Section 34 of the same code, which carries a prison sentence of up to seven years and a fine upon conviction.

Prosecuting officer Insp Ahmad Fitri Mohamed Kamal offered bail at RM10,000 for each accused, while lawyer Ghazali Ismail requested a lower bail amount, citing the financial circumstances of his three clients.

Ghazali noted that Mohd Sabri, who works as a crane driver, and Muhamad Hafiz and Hairudin Sabri, both tow truck operators, earn between RM2,000 to RM2,500 per month and support their respective families.

Magistrate Noor Mazrinie subsequently granted bail at RM6,000 for each accused and ordered them not to disturb or contact the victim until the case is resolved. The case was set for mention on Dec 12 for document submission.

Published on behalf of SAP Concur. Are companies relieved of their duty to care for the wellbeing of their employees during this lockdown period? Angelique Montalto, Regional Sales Director at SAP Concur, clarified the situation: “Organisations owe it to their employees...

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HYUNDAI’S recent acknowledgement of the challenges with touchscreens in vehicles highlights a growing trend that some are calling the “Tesla Effect.” Following in Tesla’s footsteps, many automakers have phased out traditional physical controls for digital interfaces on touchscreens, aiming to create sleek, tech-centric cabins. However, Hyundai has found that American buyers aren’t entirely on board with the touchscreen-only setup.

According to HDNA Vice President Ha Hak-soo, Hyundai’s experience with touchscreen-based controls revealed that drivers often feel frustrated when trying to quickly adjust settings on the go, especially when physical dials or buttons could have made adjustments more straightforward. Hyundai’s internal testing with focus groups found that drivers found it stressful to control certain functions on a touchscreen when needing immediate responsiveness.

Touchscreens undoubtedly allow designers more flexibility to achieve minimalist interiors and offer a greater range of functions than physical controls alone. But when it comes to real-world driving, bumping along a rough road can make it challenging to find and tap digital controls accurately. A simple adjustment that could once be handled by feel now demands more focus, taking the driver’s attention off the road.

In response, Hyundai has started reintroducing physical controls on some models, including the facelifted Ioniq 5. While Hyundai’s North American team believes driver attitudes might shift once advanced driver-assistance systems become more common, allowing drivers to focus less on the road, for now, it seems Hyundai is listening to the call for a balance between digital and physical controls.

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