KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim said the impact of the latest tariff measures by the United States on the national economy is still under assessment by relevant ministries and agencies led by the Investment, Trade and Industry Ministry.
Anwar said any response and follow up towards the impact of the tariff imposed by the United States on the country's economy needs to be carefully drafted and there is still room for discussion and dialogue with the country's major trading partners.
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"This afternoon, 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 said in a Facebook post on Friday (April 4) night.
Earlier, the Prime Minister was reported to have said that Malaysia, as the Asean chairman, would negotiate with several member states of the bloc to reach a mutual agreement on the issue of reciprocal tariffs announced by the US to ensure that the principle of fairness is applied in international trade.
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Asean member states of the Indo-China region were worst affected by the tariffs, with Cambodia being subject to basic and reciprocal tariffs totaling 49%, followed by Laos (48%), Vietnam (46%) and Myanmar (44%).
Meanwhile, Thailand is subject to a tariff of 36%, Indonesia 32%, Brunei and Malaysia at 24% each, while the Philippines at 17% and Singapore at a base tariff of 10%.
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Additionally, higher reciprocal tariffs are imposed individually on countries with which the US records the largest trade deficits, effective April 9.
All other countries will continue to be subject to the original 10% tariff policy. - Bernama
