US Agrees to Further Talks on Tariff Imposed on Imports from Malaysia - PM Anwar
KUALA LUMPUR, May 5 (Bernama) -- The United States (US) government has agreed to further talks with Malaysia on the surprise US reciprocal tariff imposed on imports from the country, said Prime Minister Anwar Ibrahim.
Although discussions are currently in the early stages, he said, there is a likelihood that the US will reduce the 24 per cent reciprocal tariff imposed on Malaysia.
“It must be reiterated that the process is still in the early stages without any agreement finalised by the two parties. Neither Malaysia nor the US has made any final commitments,” he said during a special meeting in the Dewan Rakyat (Malaysian Parliament) on Monday.
He also said that all ongoing discussions are subject to a non-disclosure agreement in line with international practices when the issues are of strategic interests and are sensitive.
“If there are policy recommendations that require approval, it will go through a comprehensive review process including at the Cabinet level and, if required, tabling in Parliament,” he added.
On April 24, Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz led a delegation to Washington, DC for a high-level meeting with US Secretary of Commerce Howard Lutnick dan US Trade Representative Jamieson Greer to address the tariff issue.
During the meeting, Tengku Zafrul stressed the importance of continuous discussions and reiterated Malaysia’s openness to find constructive solutions in addressing US concerns.
On similar development, Anwar has reiterated that the government will not compromise on the country’s core policies in tariff negotiations.
“I would like to stress that several key national policies - the Bumiputera policy, the requirement for local vendors, and the protection of strategic sectors - will not be altered in any of these negotiations. This is because, while we want to follow the free trade agenda, we cannot ignore the importance of national security and strategic interests,” he said.
Anwar, also the finance minister, said the US government has agreed to further negotiate with Malaysia, and there is a possibility of reducing the reciprocal tariffs imposed.
“Once again, it is emphasised that this process is still at an early stage, and no agreement has been finalised by either party,” he added.
The government will continue to focus on accelerating the implementation of the MADANI Economy reform agenda as outlined in the New Industrial Master Plan 2030 (NIMP 2030), the National Energy Transition Roadmap (NETR), and the nation’s digitalisation agenda, the prime minister said.
He stated that this effort is crucial as a two-pronged strategy to generate short-term investment activity while strengthening the country’s long-term competitiveness in facing global economic uncertainty.
Anwar said that a strong economic foundation will ensure the country’s success in dealing with the tariff crisis. “I believe and am confident that with the strength of the government’s machinery, the private sector, and our excellent workforce, the country will be able to overcome this temporary crisis,” he added.
-- BERNAMA
