PETALING JAYA: Malaysia is committed to continuing its engagement with the United States to achieve a balanced, comprehensive and mutually beneficial trade agreement, says the Investment, Trade and Industry Ministry (Miti).
In a statement on Tuesday (July 8), Miti said it would continue discussions with its US counterparts in good faith to address outstanding issues, clarify the scope and impact of the announced tariffs, and pursue avenues for the timely conclusion of our negotiations.
"These efforts are ongoing and reflect Malaysia’s willingness to reach a fair and sustainable outcome for both parties," the statement read.
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The United States announced that Malaysia will face a 25% trade tariff, with effect from Aug 1.
The rate, as stated in a letter posted on US President Donald Trump’s social media platform, Truth Social, is 1% higher than the previously imposed 24% that was paused for 90 days.
While the ministry acknowledges the concerns raised by the US regarding trade imbalances and market access, it believes that constructive engagement and dialogue remain the best path forward.
"The United States is Malaysia’s second-largest trading partner and largest export destination, with total trade in 2024 rising nearly 30% to RM324.9bil (US$71.4bil).
"Exports to the United States reached RM198.7bil (US$43.7bil), while imports rose to RM126.3bil (US$27.7bil)," the statement read.
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Malaysia, the ministry added, views unilateral measures as potentially disruptive to business operations, supply chains and investment flows that benefit both countries.
"Malaysia strongly believes that together, we can find mutually acceptable solutions that safeguard the interests of both our countries and our peoples, while ensuring that bilateral trade and investment remain a positive force for sustainable economic development," it said.
The government also remains committed to protecting the interests of Malaysian businesses, workers and consumers, and will take all necessary steps to mitigate the impact of these new measures, it added.
