PETALING JAYA: There is still time to negotiate with the United States over the 25% tariff which is to come into force starting Aug 1, says Tengku Datuk Seri Zafrul Abdul Aziz.
In his initial response to the announcement, the Investment, Trade and Industry Minister, who is returning from Rio de Janeiro, said the tariff rate announced by the US on Tuesday (July 8) was unexpected.
"In terms of figures, we did not know what to expect.
"What we knew was that July 9 was when the 24% tariffs were supposed to start.
"Now the latest is that we will be imposed with a tariff rate of 25% beginning Aug 1.
"This gives us time to continue our engagement which has not stopped," he told reporters while waiting for the flight back to Malaysia after attending the BRICS Summit in Brazil.
Tengku Zafrul was asked if the US tariff rates on Malaysia were lower than the rates imposed on several South-East Asian countries.
Tengku Zafrul said he just received the news of the US tariffs announcement and that Miti had issued a statement shortly after that.
"We have issued an official statement by Miti.
"The ministry will hold a press conference after the Cabinet meeting this Wednesday," he added.
Tengku Zafrul assured that Malaysia will continue to engage with the US to ensure that the nation would benefit from the talks.
Apart from Malaysia, other countries to be slapped with 25% tariffs included Japan, South Korea, Tunisia and Kazakhstan.
Other countries hit with US tariffs include South Africa (30%), Bosnia and Herzegovina (30%), Indonesia (32%), Serbia, (35%) Bangladesh (35%), Cambodia (36%) and Thailand (36%) and 40% on Laos and Myanmar.
