PUTRAJAYA: The latest tariff measures by the United States against Asean member states are 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 be held from April 7 to 10, private dialogues are likely to be held at the gathering to discuss this latest issue affecting regional economies.
“US President Donald Trump made the announcement just about a day and a half ago. So I think most countries are digesting the news and are trying to understand what the tariffs’ implications will be to their economy,” he said during a curtain-raiser interview ahead of the AFMGM yesterday.
Amir Hamzah said it is important that decisions are made calmly and based on good analysis, rather than on a reactionary mode based on emotions.
“Malaysia has been very consistent that we are a very open trading economy,” he said.
Malaysia is not considering retaliatory tariffs against the United States, 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.”
This, he said, is to understand what the Trump 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 most (Asean members) have embraced similar positions.
“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 (Miti) is not considering retaliatory tariffs against the United States following the recent 10% tariff hikes and reciprocal tariffs on Malaysian exports to the country.
In an immediate reaction to the announcement on April 3, 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.
The 24% tariff on Malaysian 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 United States.
