️Macro Alpha Analytics🫆

根据美国贸易法规，只有完整的最终产品 进口至美国时才会被征收关税，而原材料或中间产品可能适用于不同的关税政策。

There are some goods, however, that are not subject to the reciprocal tariffs, including copper, semiconductors, lumber, bullion, energy and certain minerals that are not available in the US, and it also includes products already subject to Trump’s recently announced tariffs, including steel, aluminum, autos and auto parts.

手套、科技和能源板块都青青 🚀🙏✅

China’s gloves exported to the U.S. are now subject to a total levy of 104% (50% + 20% + 34%), with the net tariff differential between Chinese and Malaysian manufacturers standing at 80% (104% - 24%)

手套🧤

马股下跌空间有限 ✅

*Trump reciprocal tariffs - Initial observations* ♦️Impact on global trade: Negative + Raises risk of retaliatory tit for tat tariffs from other US trading partners ♦️Impact on US consumption: Negative +Significant inflation concerns if much of the imposed tariffs are levied and passed on to US consumers +Puts the Fed in a tough spot with rising stagflation risks ♦️Other + Plantations - see separate commentary +Positive tariffs differential on MY exports arguably puts other exporters eg Gloves on a stronger position vs CN competition + MY 24% is lower than asean peers except SG and PH + CN 34% is layered on top of the +10+10% previously imposed = 54%. VN 46% TH 36% ID 32% + Continuation of China plus 1 shift + Net Positive for JS-SEZ + Our core assertion that Trump tariffs are transactional - room for negotiation. +Still an evolving situation RHB ♦️Research

*Good morning!* ♦️Trump has released the full list of reciprocal tariffs and baseline tariffs of 10% on all goods. Below are our thoughts on technology sector. ♦️E&E exports account for approximately 37% of Malaysia’s total exports, making the country the seventh-largest semiconductor exporter with around 7% of the global market share. Given the presence of Free Trade Zones (FTZs) and Licensed Manufacturing Warehouses (LMWs), semiconductor and E&E manufacturing in Malaysia benefit from duty exemptions. Consequently, these goods are not subject to reciprocal tariffs imposed by the US. ♦️The baseline tariff of 10%—which applies to all major countries with significant semiconductor supply chains and manufacturing—has minimal impact on Malaysia’s technology-related supply chain. This effectively creates a level playing field among nations competing in the E&E and semiconductor sector. ♦️ However, high tariffs on electronic gadget imports to the US could introduce short-term demand uncertainties as the supply-demand dynamics adjust to a new equilibrium. Additionally, if other countries retaliate with higher tariffs on semiconductor and E&E goods, it may lead to further demand disruptions. That said, Malaysia, as an export-oriented manufacturing hub with a cost-competitive environment, could potentially benefit from such shifts, especially if higher tariffs in other major producing nations make Malaysian exports more attractive. ♦️Market participants may adopt a wait-and-see approach to assess whether the trade war escalates further within the E&E and semiconductor supply chain. Nevertheless, Malaysia’s local tech sector has already been one of the laggards in the domestic stock market. Despite this, we believe the sector's fundamentals remain intact, as Malaysia’s competitiveness as an export-driven semiconductor/E&E hub has been less impacted than initially feared in the absence of targeted tariff on this sector. ♦️The key uncertainty lies in the extent of short-term demand disruptions before structural demand recovers. With global markets still digesting recent trade policy announcements and potential U-turn and further G2G negotiation, the full impact remains uncertain for now. ♦️ *RHB Research*

Greetings from RHB Glove Team ♦️ Trump has unveiled sweeping global tariffs, including a 34% tariff on Chinese goods and a 24% tariff on Malaysian goods. ♦️ The additional 34% tariff on China is on top of the 20% previously imposed in March, bringing the total new levy to 54%. ♦️ *Implications for Malaysian glove makers:* China’s gloves exported to the U.S. are now subject to a total levy of 104% (50% + 20% + 34%), with the net tariff differential between Chinese and Malaysian manufacturers standing at 80% (104% - 24%)—up from 50% at the beginning of 2025. On top of that, countries where Chinese manufacturers are relocating their plants, such as Vietnam, Indonesia, and Thailand, are also facing reciprocal tariffs of 46%, 36%, and 32%, respectively. This sweeping tariff move by the Trump administration continues to be favorable for Malaysian manufacturers based on: i) a widening ASP gap, and ii) closing loopholes for Chinese manufacturers. We continue to like glove manufacturers (i.e. Harta and Kossan) that have a higher sales exposure to the US. ♦️ *RHB Research*

根据投行分析员的分析，顶级手套 Q2 '25 当中的 23％营业额源自于美股 ，假设 24 % 的关税实施，顶级手套需要付多少关税？ 根据 RM 883百万 的总收入，以下是计算结果： 1. 征收关税的收入（总收入的23%）= RM 2.03亿。 2. 关税金额（征收关税收入的24%）= RM 4874万。 因此，总关税金额为 RM 4874万。 这仅仅是一个例子，如有完整“出口股”名单后再分享给股友。总而言之，出口去美国的公司接下来都会面对非常高昂的关税。

有坐下来讲话就是不一样，可惜华哥电话打不通川普 😮‍💨

Canada, Mexico Not Subject to Reciprocal Tariffs for Now

马来西亚出口股 😢 👋