KUALA LUMPUR: There is a possibility that the 24% reciprocal tariff rate imposed by President Donald Trump on Malaysia may be reduced, says Datuk Seri Anwar Ibrahim.
Malaysia is among the 18 countries that have been able to negotiate with the United States on the reciprocal tariffs.
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“Even though we are at an early state of negotiations, I want to emphasise that the US Government has agreed to negotiate further with Malaysia and if we succeed, there is a possibility that the US will reduce the reciprocal tariffs imposed on Malaysia,” he said during his explanation in the special Dewan Rakyat sitting on Monday (May 5).
"However, it bears repeating that this process remains at an early stage, with no agreement finalised by either party,” he added.
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Anwar then said that the government will not sideline any of the country’s core policies, including protecting Bumiputera rights, the needs of local vendors, and strategic sectors, in any trade talks with other countries.
“While we want to uphold the free trade agenda, we cannot avoid from prioritising the safety of our strategic interests. A strong economy will guarantee our success, not trade talks, foreign investment or abilities to find new markets,” said Anwar.
“I believe that with the strength of the government machinery and a strong local workforce, the country will be saved,” he added.
The Special Parliament sitting on May 5 will see MPs from both sides of the divide debating the tariffs and issues directly linked to it.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will give a winding up speech on the issue at the end of the special Parliament sitting on Monday evening.
The tariffs were announced by US President Donald Trump on April 2 and include a sweeping 10% baseline duty on all countries and a steeper 24% levy specifically targeting Malaysian goods.
