KUALA LUMPUR, April 10 — The Minister of Investment, Trade, and Industry, Datuk Seri Tengku Zafrul Abdul Aziz, stated today that Malaysia appreciates the recent adjustments made by the U.S. regarding their tariffs. However, he also noted that the country remains watchful due to current uncertainties, specifically concerning how these alterations might affect international commerce and ASEAN nations.
Ahead of his role as chairman for the ASEAN Economic Ministers’ Meeting, Tengku Zafrul stated in a Facebook post that the upcoming discussions may focus on the United States’ latest move to postpone tariffs for numerous nations but increase pressure on China.
“He noted that nothing regarding Trump’s tariffs can be predicted with certainty except for this lack of predictability,” he penned, adding that such inconsistency sparks queries about the future trajectory of international commerce and its effects on ASEAN.”
He mentioned that Malaysia is diligently evaluating the impacts of these alterations and continues to pledge cooperation with ASEAN allies to minimize disturbances, bolster the region’s economic toughness, and advocate for a fair and steady trading atmosphere.
“ASEAN unity and regional economic integration will become more crucial than before, and we appreciate the backing of allies who envision this future and wish for our collective success,” he stated.
Tengku Zafrul emphasized that Malaysia continues to be an open trade and investment partner for all nations, such as China and the United States.
He further emphasized Malaysia’s dedication to establishing mutually advantageous trade agreements with the US, mentioning that the nation will persist with its approach of broadening trade options and seeking out fresh market opportunities.
“As a proactive measure amidst present uncertainties, we will further strengthen our relationships with established markets and intensify our endeavors towards the nation’s economic restructuring initiatives,” he stated.
“Our main focus is to steer through this constantly shifting environment while safeguarding our nation’s financial success,” he further stated.
His comments come after US President Donald Trump recently decided to suspend upcoming tariff increases on most nations for 90 days. This action was intended to soothe anxious financial markets following a period of instability.
Nevertheless, Trump escalated tariffs on China, pushing them up to 125 percent and criticizing Beijing for showing “disrespect” in trade negotiations.
Even though he defended the move as essential adaptability, Trump mentioned that he was carefully observing the jittery responses from financial markets along with the performance of bonds prior to deciding to postpone the tariff hikes. However, he reiterated his commitment to securing trade agreements with every nation, which includes China.
Previously, on April 3, Trump declared that the U.S. would enforce an initial 10 percent tariff on every country, though some nations could face even greater duties.
The ASEAN Indochina nations experienced the greatest impact from the tariffs, with Cambodia encountering a total baseline and retaliatory duty of 49 percent, followed closely by Laos at 48 percent, Vietnam at 46 percent, and Myanmar at 44 percent.
The tariffs imposed were as follows: Thailand received a 36 percent duty, Indonesia got a 32 percent charge, while Brunei and Malaysia each encountered a 24 percent levy. The Philippines experienced a 17 percent tariff, and Singapore had to deal with a base tariff rate of 10 percent.
