US tariffs expected to hit nation’s GDP

On the ground: Tengku Zafrul speaking at a press conference in response to tariffs being announced by the US. — YAP CHEE HONG/ The Star

KUALA LUMPUR: Malaysia is seeking clarification from the United States over the 24% retaliatory tariff announced by Presi­dent Donald Trump, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The Investment, Trade and Indus­try Minister said the govern­ment denies claims that Malaysia has imposed a 47% tariff on US imports, clarifying that the actual average tariff stands at about 5.6%, based on the simple ave­rage most favoured nation (MFN) applied rate.