PUTRAJAYA: The latest tariff measures by the United States against Asean member states is likely to be discussed informally, at the regional bloc’s Finance Ministers’ and central bank governors’ meeting in Kuala Lumpur next week.
Finance Minister II Datuk Seri Amir Hamzah Azizan said while the matter is not on the primary agenda of the Asean Finance Ministers and Central Bank Governors' Meeting (AFMGM), which will go from April 7 to April 10, private dialogues are likely to be held at the gathering to discuss this latest issue affecting regional economies.
“As you all are well aware, President Trump made the announcement just about a day and half ago (on April 3). So I think most countries are digesting the news and are trying to understand what the tariffs' implications will be to each economy,” he said during a curtain raiser interview ahead of the AFMGM here on Friday (April 4).
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Amir Hamzah said it is important that decisions are made in a calm manner and based on good analysis, rather than on a reactionary mode based on an emotive mechanism.
“Malaysia has been very consistent that we are a very open trading economy,” he said.
Malaysia is not considering retaliatory tariffs against the US, a stance that its Asean peers appear to share at the moment.
“We are engaging in discussions with the US through its institutions and government officials,” he said.
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This, he said, is to understand what President Donald Trump’s administration is trying to implement and also to explore the possibility of reducing the tariffs.
“In general, tariffs are a deterrent to world trade. So we hope to have dialogues and open discussions.
“From the preliminary comments we are seeing, all or more less (Asean members) have embraced similar positions.
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“Let’s understand the issue, dialogue and see whether we can adjust and move on and then we take it forward,” he added.
On Thursday, the Investment, Trade and Industry Ministry said Malaysia is not considering retaliatory tariffs to the US following the recent 10 per cent tariff hikes and reciprocal tariff on Malaysian exports to the country.
In an immediate reaction to the announcement on Thursday (April 3) Malaysian time, Miti said it views the tariffs seriously and is actively engaging with US authorities to seek solutions that will uphold the spirit of free and fair trade.
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The 24% tariff on goods entering the United States will begin on April 9 as Trump announced new import duties against its trading partners.
This is part of a broad trade policy targeting countries which have large trade deficits with the US.
It however, does not cover all goods exported to the US.
