Kuala Lampur, July 8 -- On April 9, 2025, President Donald Trump stunned the global economy by announcing a sweeping "Liberation Day" tariff regime - slapping a 10 per cent baseline tariff on all imports into the United States, and threatening even higher reciprocal tariffs on countries that, in his view, failed to treat American trade fairly. At the time, the world was given 90 days to comply, reflect, or negotiate. That deadline was supposed to expire on July 9.

Yet, on July 8 - just a day before the clock ran out - the Trump Administration did something unexpected but characteristically disruptive. Instead of activating the promised tariffs the next morning, the White House sent tailored letters to seven countries, including Malaysia,...