Anwar acknowledged that Malaysia would be affected by the US’s reciprocal tariff, but pointed out that the rate was lower than that imposed on most of Malaysia’s neighbouring countries.
“Although the tariff is high, it is still lower than what some of our neighbours are facing. That is why we decided to engage with them (Malaysia’s regional neighbours).
“I have spoken with the Thai leadership, then with Indonesia, and later, I will discuss with the leaders of the Philippines and Singapore,” he told reporters after performing Friday prayers here.
Anwar said investment, trade and industry minister Tengku Zafrul Aziz had also reached out to Malaysia’s regional partners and would attend a meeting of Asean trade ministers next Thursday to coordinate a response.
“This evening, I will chair a special committee meeting on the US tariffs. I have instructed all relevant ministers, Bank Negara Malaysia, and Hassan Marican to participate. We will issue a statement after the meeting,” he said.
Hassan chairs a committee advising the prime minister on government policies.
On whether Malaysia would impose countermeasures against the US, Anwar said the government was carefully assessing its options.
“We are still studying the matter,” he said.
“The important thing is not retaliation but ensuring that our economy remains strong, particularly in the semiconductor sector, which accounts for 60% to 65% of our exports to the US.
“We need to consider all aspects carefully. God willing, we will make an announcement later today.”
According to an executive order signed by US president Donald Trump on Wednesday, Malaysia is one of 49 countries slapped with reciprocal tariffs.
The other countries include Cambodia (49%), Laos (48%), Vietnam (46%), Myanmar (45%), Thailand (37%), China (34%), Indonesia (32%), Brunei (24%) and the Philippines (18%).
The highest rate of 50% was imposed on Lesotho. - FMT
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