Highlights: Trump unveils new tariffs, Malaysia hails ‘win-win’ offer as world looks to new deadline for deals

US trade partners around the world reacted on Friday (Aug 1) to President Donald Trump’s executive order that would introduce new tariffs on many of them in seven days.

Malaysia said that the US tariff reduction from 25 per cent to 19 per cent was a “significant achievement” as the deal was struck without compromising key national interests. Thailand and Cambodia, meanwhile, welcomed a reduced 19 per cent trade tariff.

With many other economies facing steep levies, governments are looking to a new deadline of Aug 7 to make deals. Catch up on developments.