In a video message issued on Sunday (April 6), Prime Minister Datuk Seri Anwar Ibrahim said the basis for calculating the 47% tariff imposed by Malaysia on US imports is fundamentally flawed, which has inaccurately resulted in Malaysia being imposed a reciprocal tariff of 24% by the US administration.
Anwar also said Malaysia will submit a comprehensive impact assessment on the US tariffs within the week and plans to convene a virtual meeting with Asean Economic Ministers to prepare a joint regional response.
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Anwar also said Malaysia will submit a comprehensive impact assessment on the US tariffs within the week and plans to convene a virtual meeting with Asean Economic Ministers to prepare a joint regional response.
Read more at https://tinyurl.com/mbacdauj
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
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NewsTranscript
00:00We refute the claim by the United States authorities that Malaysia has imposed 47% tariff on U.S. imports into Malaysia.
00:10The basis for calculating this tariff is fundamentally flawed,
00:15which has inaccurately resulted in Malaysia being imposed a reciprocal tariff of 24%.
00:23Yet, our response will become firm and guided by Malaysia's strategic interests and the common resolve of all our ASEAN colleagues.
00:38We are fully committed to securing a favourable resolution that preserves vital market access,
00:46attracts continued foreign investment and supports the well-being of Malaysian workers and businesses.
00:54Malaysia, for now, will not introduce retaliatory tariffs until all these details, issues and parameters are ironed out
01:08between us and the United States and after consulting our colleagues in ASEAN.
01:14We will therefore engage constructively with the United States to safeguard vital market access,
01:22preserve investor confidence and secure fair outcomes for our exporters.
01:29In short, we must find a mutually acceptable, fair and equitable solution to this problem.
01:37Our trade and foreign ministries are analysing impacts in detail, running simulations,
01:43consulting stakeholders across industries and communicating directly with U.S. government counterparts
01:51as well as American firms which have long operated in Malaysia.
01:56Within the coming week, MITI will submit an in-depth study on the impact of tariffs on several export sectors to the U.S.
02:05All options will be studied and considered to ensure the well-being of our people and business sectors.
02:12The Malay government will accelerate our economic industrial reform agenda,
02:16the implementation of the New Industrial Master Plan, the Energy Transition Roadmap and Semiconductor Strategy, AI, etc.