Innes said reports revealed US Treasury secretary Scott Bessent’s proposal for phased tariffs starting at 2.5%, unsettling markets.

“The phased approach softens the immediate dollar surge and gives economies room for negotiation,” he told Bernama.

Although Malaysia is not directly targeted, Innes said its economic reliance on China poses a risk.

“Traders are evaluating how much of the tariff plan is priced in and whether the dollar’s strength will persist,” he added.

At 6pm, the ringgit weakened to 4.3905/4.3980 against the greenback, down from yesterday’s close of 4.3760/4.3825.

The ringgit traded mostly higher against other major currencies.

It gained against the Japanese yen at 2.8242/2.8292 from 2.8313/2.8357 and strengthened against the euro at 4.5819/4.5898 from 4.5900/4.5968 yesterday.

However, it edged lower against the British pound to 5.4653/5.4746 from 5.4643/5.4724 previously.

The ringgit traded mixed against Asean currencies.

It rose against the Singapore dollar to 3.2481/3.2542 from 3.2518/3.2569 and firmed against the Thai baht to 12.9437/12.9727 from 12.9840/13.0110.

Conversely, it weakened against the Indonesian rupiah to 271.5/272 from 270.6/271 and slipped against the Philippine peso to 7.51/7.53 from 7.48/7.50.