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Malaysia warns U.S. chip tariff changes could disrupt global supply chains

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Malaysia has warned that any move by the United States to remove tariff exemptions on its semiconductor exports could hurt competitiveness and strain global supply chains, according to an economic outlook report released with the country’s 2026 budget.

The warning follows President Donald Trump’s decision in August to impose a 19% tariff on Malaysian exports to the U.S., with semiconductors temporarily exempt pending a national security review. Trump has also proposed a 100% tariff on imported chips, excluding firms with existing or planned U.S. manufacturing facilities.

“Any removal of the semiconductor exemptions could result in repercussions, reduce competitiveness and strain sectors that are closely integrated with U.S. supply chains,” Malaysia’s government said. The Southeast Asian nation is the world’s sixth-largest semiconductor exporter and a crucial link in global chip assembly and testing.

The report estimates that the tariffs could reduce Malaysia’s GDP growth by 0.76 percentage points, while trade volumes are expected to contract next year. The government had already lowered its 2025 growth forecast to between 4% and 4.8%, from a previous 4.5%–5.5% range, citing escalating trade tensions. For 2026, it expects growth between 4% and 4.5%.

Economists say the tariff uncertainty threatens to disrupt Asia’s semiconductor supply network, which supports major American chipmakers like Intel and Texas Instruments that rely on Malaysia for downstream production.

Pattern valued at $2.4B as shares dip in Nasdaq debut

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E-commerce accelerator Pattern Group made its Nasdaq debut on Friday with a valuation of $2.38 billion, though its shares slipped 3.6% in early trading, closing at $13.50 versus the $14 offer price. The performance bucks the recent trend of strong first-day rallies for tech IPOs.

Pattern and existing shareholders raised $300 million by selling 21.4 million shares, priced within the marketed range of $13–$15. The Utah-based firm joins a wave of high-profile listings—such as Klarna and blockchain lender Figure—that have helped restore investor confidence in the U.S. IPO market after months of volatility tied to trade and tariff concerns.

Founded in 2013 as iServe by David Wright and Melanie Alder, Pattern positions itself as an “e-commerce accelerator.” It buys inventory directly from brands and resells it on platforms including Amazon, Target, Walmart, and eBay, using AI-driven tools and global marketplace expertise to optimize sales.

Analysts caution, however, that Pattern’s heavy dependence on Amazon leaves it vulnerable to changes in fee structures or marketplace policies. Trade policy shifts, such as the removal of the de-minimis import exemption, could also raise costs for cross-border sellers and complicate growth strategies.

IPO experts said the mixed debut reflects a selective investor environment, where companies with strong fundamentals and clearer risk profiles are being rewarded, while others face tougher scrutiny amid persistent inflation and labor market concerns.

Trump to Hit Semiconductor Imports with Tariffs Unless Firms Build in U.S.

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President Donald Trump announced Thursday that his administration will impose tariffs on semiconductor imports from companies that do not move production to the United States. Speaking ahead of a dinner with top tech CEOs, Trump said the tariffs would be “fairly substantial” but would not apply to companies already investing in U.S. manufacturing.

Trump framed the move as part of his broader strategy of using tariffs to pressure foreign companies and governments to shift production and jobs into the U.S. “If they are not coming in, there is a tariff,” he said. He singled out Apple CEO Tim Cook, noting that Apple’s $600 billion commitment to domestic investment puts it “in pretty good shape.”

The policy comes as global chipmakers respond to U.S. pressure. Taiwan’s TSMC, South Korea’s Samsung, and SK Hynix have all announced major U.S. semiconductor plant investments. Trump had previously floated a 100% tariff on imported chips but said exemptions would apply for companies producing or planning facilities inside the country.

The announcement underscores Trump’s second-term emphasis on tariffs as a cornerstone of economic and foreign policy, a tool he has wielded to renegotiate trade terms and gain leverage in geopolitical disputes. However, legal challenges loom: lower courts have invalidated parts of his earlier tariff regime, and the administration has asked the Supreme Court to uphold the sweeping emergency powers used to justify them.