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Rubber makers lead most active counters after US tariff hikes | Scoop

Screenshot-2023-10-08-at-5.31.06-PM — US President Joe Biden’s decision raises the tariff on Chinese rubber medical and surgical gloves to 25% in 2026 from the current 7.5%. – Pixabay file pic, May 15, 2024

Rubber makers lead most active counters after US tariff hikes

US tariffs on Chinese rubber’s increase by 25% makes Malaysian products more attractive

Updated 15 May, 2024

15 May, 2024

12:44 PM MYT

KUALA LUMPUR – Top Glove Corporation Bhd, Supermax Corporation Bhd and Careplus Group Bhd were the top active counters on Bursa Malaysia today, after US President Joe Biden announced steep tariff increases on an array of Chinese imports yesterday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said Biden’s decision would result in the tariff on Chinese rubber medical and surgical gloves rising to 25% in 2026 from the current 7.5% in the US.

“This higher tariff is expected to close the price gap between Malaysia and Chinese gloves, making Malaysian-made gloves more price attractive in the US (a key export market),” he told Bernama.

He also believes that the announcement might boost the market over the next few days.

At 11.47am, Top Glove gained 26 sen to RM1.22, with 349.58 million shares traded; Supermax was 17.5 sen better at RM1.04, with 190.29 million shares changing hands; while Careplus advanced 6.5 sen to 37 sen, with 13.16 million shares transacted. – May 15, 2024

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