The government is considering a special incentive package for businesses affected by U.S. tariffs, while focusing on reciprocal negotiations to avoid tariffs in key sectors.
Category
🗞
NewsTranscript
00:00Meanwhile, in Malaysia, the government is weighing a special incentive package for businesses hit by U.S. tariffs, but only after assessing the full impact.
00:09Investment Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz says the government will focus on reciprocal negotiations with the U.S. starting today with the goal of avoiding tariffs, especially in key sectors.
00:23So far, a 10% basic tariff has been imposed, but not all industries are affected.
00:30Hence, Tengku Zafrul said the government would need to determine who needs support and how.
00:35Tengku Zafrul also noted that any incentive plan would need to be reviewed with the Finance Ministry, given its impact on Malaysia's fiscal position.
00:43It was revealed during yesterday's special parliamentary meeting on U.S. tariffs that virtual negotiations will be led by MITI's Deputy Secretary-General, Mastur Ahmad Mustafa, and the U.S. Trade Representative for Southeast Asia and the Pacific, Sarah Elliman.
01:00The two sides will work to define the scope and technical issues in hopes of striking a win-win deal.