On April 2, 2025, the US announced the reciprocal tariff plan under the International Emergency Economic Power Act of 1977 (IEEPA), which rolled out a set of tariffs on imports from other countries, so as to liberate the United States from a reliance on foreign goods. Pursuant to the reciprocal tariff plan, the United States imposed a 24% tariff on goods imported from Malaysia into the United States and 46% tariff on goods imported from Vietnam into the United States with effect from April 9, 2025.
However, imports to be excluded from the reciprocal tariff plan are autos and auto parts, steel and aluminium. These imports have been excluded from the reciprocal tariff plan as it had been announced by the US o 26 March 2025 that under Section 232 of the Trade Expansion Act of 1962 such imports to the United States would be subject to a separate 25% tariff.
The Group therefore wish to clarify that the 24% reciprocal tariff on Malaysia and the 46% reciprocal tariff on Vietnam announced on April 2, 2025 will not apply to the import into the United States of our Group's manufactured fastener and wire products. Nevertheless, the Group's fasteners and wire products imported to the United States will be taxed at 25% under Section 232 of the Trade Expansion Act 1962 announced on 26 March 2025.
Barring any unforeseen circumstances, the Group is resilient and cautiously optimistic that the imposition of the 25% tariff under Section 232 of the Trade Expansion Act 1962 will not have any significant impact on the Group’s performance in the remaining quarters of the current financial year.
This announcement is dated 07 April 2025.
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发表于 6-5-2025 02:43 AM
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