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_USTR Raised China Surgical Gloves Tariffs to 50-100%_
_*In a 105-pages official announcement just released,* the Office of the United States Trade Representative (USTR) announced final modifications on the statutory review of earlier tariff actions on China._
_*This is an update from earlier proposed modifications* announced in May 2024._
_*Key updates are on:* new timing and tariffs rates on face masks, *medical gloves,* needles, and syringes. Also includes: *i)* a proposal regarding coverage of additional tungsten, wafers, and polysilicon tariff lines; *ii)* an exclusion for ship-to-shore cranes ordered prior to May 2024; *iii)* an expansion of the scope of the machinery exclusions process; *iv)* and modification of the coverage of proposed exclusions for solar manufacturing equipment._
_*To recall back in May, US increases higher tariff of 25% (from current 7.5%) on China’s rubber medical and surgical gloves’ exports beginning 2026*._
_*The tariffs on China medical gloves are now raised to 50% in 2025, and 100% in 2026.* Refer to page 18-19 of the under *medical gloves* segment, “The U.S. Trade Representative has determined to increase the rate of additional duties on medical gloves to 50 percent in 2025 and to 100 percent in 2026._”
_*This higher tariffs were not entirely a surprise,* as we’ve been taking a leap of faith and highlighted possibilities of further detrimental policies towards China’s exports. *Our contrarian OVERWEIGHT rating* on the Malaysian glove sector were also largely premised on such potential scenario._
_*This steep tariff hike modification on China gloves undoubtedly solidify Malaysian glove industry’s* market leader position and allays earlier concerns on market share losses due to stiff competition._
*We expect share prices of Malaysian and Singapore glove stocks to strongly react towards this newsflow.*_
_*Maintain BUY on Harta* (RM2.42/TP:RM3.66); *Top Glove* (RM0.915/TP:RM1.45) and *Kossan* (RM1.83/TP:RM2.42)._
_*Next meaningful sector event* will be *Top Glove’s 4QFY24 results* releasing on *10th October.*_
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