PETALLING JAYA: Malaysia has shown guarded approval for US President Donald Trump’s choice to delay tariff hikes for multiple nations while ramping up trade pressure specifically on China.
The Minister of Investment, Trade, and Industry, Tengku Zafrul Aziz, expressed his approval for recent developments but voiced concern over the ongoing uncertainty surrounding U.S. trade policies and how these could affect the worldwide trading environment, particularly impacting ASEAN nations.
“The sole guarantee regarding Trump’s tariffs is unpredictability,” he stated in a Facebook update.
Malaysia is currently assessing the possible impacts of these policy adjustments and continues to be committed to collaborating closely with ASEAN partners to minimize disturbances, enhance the region’s economic strength, and encourage fair and steady trading relationships.
Yesterday, Trump declared a sudden 90-day halt on tariffs for numerous nations, providing comfort to investors worried about the worldwide economic effects of U.S. trade strategies.
The halt occurred within the first 24 hours following the implementation of the tariffs. Nonetheless, Trump kept the flat rate at 10% for nearly all U.S. imports and increased duties on Chinese products to 125%.
The ASEAN countries from the Indochinese region felt the strongest impact of the tariffs, with Cambodia experiencing a total of 49%, closely followed by Laos at 48%, Vietnam at 46%, and Myanmar at 44%.
The tariffs were as follows: Thailand had to deal with a rate of 36%, Indonesia faced 32%, while Brunei and Malaysia each encountered a tariff of 24%, and the Philippines experienced a rate of 17%. For Singapore, the base tariff stood at 10%.
Prince Zafrul stated that he will head Malaysia’s delegation to Washington for discussions about the tariffs towards the end of this month. He mentioned that Malaysia plans to keep pursuing a strategy aimed at broadening its trading relationships, exploring opportunities in untapped markets, and reinforcing connections with current partners.
“These steps form an integral part of a larger nationwide initiative aimed at strengthening our economy’s ability to withstand global uncertainties,” he stated.
Malaysia is stepping up its initiatives as part of an economic restructuring plan to maintain its competitiveness globally.
Our main focus is to steer through these changing circumstances while protecting our country’s economic well-being.
