Impact of US tariffs still under assessment, says Anwar

 

Prime Minister Anwar Ibrahim, who chaired the National Geoeconomic Command Centre meeting yesterday, said Putrajaya’s response to the US tariffs needs to be carefully drafted. (Facebook pic)

PETALING JAYA: 

The government is still assessing the impact of the latest tariff measures by the United States on the nation’s economy, says Prime Minister Anwar Ibrahim.

In a Facebook post last night, he said the investment, trade and industry (Miti) will lead the relevant ministries and agencies in reviewing the impact of the tariffs before issuing a response and taking the necessary follow-up action, Bernama reported.

He added that the response from Putrajaya to the tariffs announced by US president Donald Trump on Wednesday needs to be carefully drafted, with room for discussion and dialogue with the country’s major trading partners.

“This afternoon, I chaired the National Geoeconomic Command Centre (NGCC) meeting. Malaysia is firm in its approach to maintaining positive and progressive relations with all trading partners while safeguarding the interests and well-being of our people, businesses and exporters,” he was quoted as saying.

Earlier, the prime minister 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.

Asean member states were among the worst affected by the US tariffs, with Cambodia being subject to basic and reciprocal tariffs totaling 49%, followed by Laos (48%), Vietnam (46%), Myanmar (44%). Thailand (36%), Indonesia (32%), and Brunei and Malaysia at 24% each.

The Philippines and Singapore were hit with a relatively lower tariff of 17% and 10%, respectively.

The announcement by US president Donald Trump imposed higher reciprocal tariffs on countries with which the US recorded the largest trade deficits. The tariffs are effective April 9. - FMT