ART to strengthen growth of Malaysian exporters

Matrade said the tariff reductions covering 98.4% of US goods will not significantly affect them, as Malaysia has not fully eliminated import duties.

PETALING JAYA: Without the agreement on reciprocal trade (ART) between Malaysia and the United States, Malaysian products could face steep reciprocal tariffs ranging from 24% to 50% or higher, with no exemptions, including on critical exports such as semiconductors and pharmaceuticals worth RM56.2bil in 2024, under the US Trade Expansion Act, says the Malaysia External Trade Development Corp (Matrade).

In a statement, the national trade promotional arm under the Investment, Trade and Industry Ministry said it “welcomes” ART, noting that it establishes “fair, balanced and mutually beneficial trade relations” between the two nations.