Asian fastener manufacturer Chin Well Holdings downplayed the effect of steep global tariffs imposed by U.S. President Donald Trump on April 2.

Chin Well stated that the U.S. “reciprocal” tariff plan, which includes a 24% tariff on goods imported from Malaysia and a 46% tariff on goods imported from Vietnam, will not have a significant impact on the group as certain imports will be excluded from the latest round of Trump tariffs.

“Reciprocal” tariffs do not apply to the company’s fastener and wire products, which are subject to a 25% tariff under the Section 232 of the Trade Expansion Act of 1962.

Chin Well said U.S. tariffs are unlikely to significantly impact the company's performance this year.