PETALING JAYA: The Backbenchers Club (BBC) commended Prime Minister Anwar Ibrahim on the recent tariff reduction by the United States, as it also enables small and medium-sized enterprises (SMEs) to achieve long-term competitiveness in high-growth sectors.
The tariff was reduced from 25% to 19%.
“These efforts are essential not only to absorb the impact of global trade fluctuations but to position Malaysian companies, especially SMEs, for long-term competitiveness in high-growth sectors,” said BBC in a statement on Friday (Aug 1).
Although this is a positive step, the BBC highlighted the need to persist with economic reform, expand into new markets, and develop a resilient economy.
“I commend the Prime Minister for defending that space while keeping the door open to meaningful trade engagement with one of our largest partners,” said the statement
According to a report in The Star, the new tariff structure would take effect in seven days and apply to goods entering the US for consumption, with limited exceptions for shipments already in transit.
