Market Mover | Glove stocks soar on higher US tariffs on Chinese gloves

moomoo News · May 14 23:28 · Movers

May 15, 2024 - Shares of Malaysian glove manufacturers surged on Wednesday after the US raised the tariffs on Chinese rubber medical and surgical gloves to 25% from 7.5%. Glove stocks in the Malaysian stock market have generally risen by more than 15%, with $TOPGLOV (7113.MY)$ experiencing the highest increase of over 27%.

The United States has increased tariffs on Chinese rubber medical and surgical gloves, which could lead to an increase in the export costs of Chinese gloves to the U.S., thereby reducing their competitiveness in the American market. In this situation, U.S. importers may seek alternative suppliers from other countries, and Malaysia, as a globally renowned producer of rubber gloves, may gain more orders and market share as a result.

Market Mover | Glove stocks soar on higher US tariffs on Chinese gloves

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