“The Asean philosophy has always been that we trade with everyone because more global trading will create more prosperity.
“We understand that there will be challenges. Even as Malaysia faces the impact of the US tariffs, we should work at how best to manage it,” he said during a joint press conference with Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour at the conclusion of the 12th Asean Finance Ministers and Central Bank Governors meeting here yesterday.
“The reality is this is a fluid situation that is developing by the day and by the hour,” added Amir Hamzah.
On the possibility of some countries turning Asean into a dumping ground for its products, he said there are mechanisms in place to monitor and prevent such a situation.
Meanwhile, Abdul Rasheed said it would be good to adopt a wait-and-see stance on the tariffs imposed by the United States, adding that early assessments have been made on levies.
He said Asean could increase trade among member countries to mitigate the tariff issue.
“If we can work together and enhance integration, we will be able to manage any potential impact from the current development,” he said.
On the revision of the gross domestic product (GDP) forecast of 4.5% to 5.5% for this year, Abdul Rasheed said it is still ongoing as the central bank did take into account the potential impact of the tariffs.
“When the announcement was made on Liberation Day, the tariff imposed was bigger than what we expected.
“So based on that, there will be some impact on the growth range,” he said.
“It (the GDP forecast) is under review. But we are not in a rush to change the range at this point in time.
“Why? Because there is no certainty,” he said.
According to Abdul Rasheed, adjustments will be made once the parameters affecting growth range become clearer.
