November brought disappointing trade figures for Malaysia as export growth stumbled below forecasts. The culprit? Rising US tariffs are squeezing Southeast Asian commerce harder than anticipated. When major trading relationships tighten up, it typically signals broader economic headwinds that ripple through global markets. For traders watching macro trends, this kind of slowdown often precedes shifts in risk appetite—especially when supply chains and trade flows get disrupted. The region's export sector traditionally acts as a barometer for broader Asia-Pacific economic health, so softer-than-expected numbers warrant attention from anyone tracking macroeconomic drivers of asset performance.