KUALA LUMPUR, July 9 — The 25 per cent tariff imposed by the United States (US) is a decision made by its President Donald Trump and not the result of negotiations, said Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He said the US representatives have not responded to queries on the 25 per cent tariff imposed on Malaysia.
“Similarly, as with Japan, the question is why it suddenly increased by one per cent,” Tengku Zafrul said during a special press conference on Malaysia’s position and follow-up actions regarding the US tariff announcement today.
In April, the US announced that Malaysia and Japan would be imposed with a 24 per cent “reciprocal tariff”.
He emphasised that negotiations between Malaysia and the US are still ongoing up until the tariff implementation date on August 1, so the talks should not be considered a failure.
“The engagement will continue. It is not a matter of negotiations having failed. It is not about Malaysia or the world facing a crisis.
“But, of course, in all negotiations, meetings, and platforms, we continue to reaffirm our support for the principles of multilateralism. We believe in a rules-based trading system, with the World Trade Organisation at its core,” Tengku Zafrul said.
Among the countries facing the 25 per cent tariff are Japan, South Korea, Tunisia, and Kazakhstan.
Commenting on the additional 10 per cent tariff recently announced by Trump on all BRICS member countries, the minister said there have been no new developments on that matter so far.
“That is Trump’s statement, but so far, there is no further update on the matter,” he said.
Responding to a question about this year’s economic outlook and the impact of the tariffs, Tengku Zafrul said Bank Negara Malaysia is currently analysing the effects of the tariffs.
“But at the moment, the official outlook remains unchanged.
“As for our economic growth forecast, the details will be announced by the central bank. I believe they are also waiting on the outcome of our negotiations,” he said.
— Bernama
