Speaking to reporters here, Chow also said he will chair a roundtable meeting on the tariff next Friday which will bring together the state’s economic development committee, its Penang Institute think tank, industry leaders, and representatives from industry associations.
“I believe that after examining all the feedback, the federal government will act accordingly (and) will negotiate with the US,” he said during a Hari Raya Aidilfitri event in Jawi, near here.
Chow also noted that some experts have predicted that the impact on Malaysia’s economy, including Penang, may be positive.
He said this was because the tariff imposed on Malaysia is lower compared with neighbouring Southeast Asian economies which are in direct competition with Malaysia.
Cambodia (49%) is the hardest hit in Asean by the tariffs, followed by Laos (48%), Vietnam (46%), Myanmar (45%), Thailand (37%) and Indonesia (32%). Malaysia and Brunei are tied at 24%, while the Philippines and Singapore are at 18% and 10%, respectively.
Despite that, Chow said such analyses were merely preliminary views and stressed the need to fully understand the tariff’s implications before taking action.
“We are still at an early stage and we need to be patient to discuss the best approach.”
Known as the “Silicon Valley of the East”, Penang is home to major US semiconductor companies like Intel, Broadcom, and Micron, and recently attracted Chinese firms as well.
In February, Chow said Penang’s solid economic foundation, built over the last five decades, puts the state in a strong position to withstand any of Trump’s tariff policies. - FMT
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