Malaysia to closely monitor development of Trump tariff threat on BRICS - Tengku Zafrul

KUALA LUMPUR: Malaysia, as a partner country of BRICS, will closely monitor the development of US President-elect Donald Trump's threat to impose 100 per cent tariffs on BRICS countries, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Trump has threatened to impose a 100 per cent tariff on BRICS nations if they were to create a rival currency to the US dollar.

"We are not a member of BRICS. We are currently with countries that have just become partners of BRICS. But again, I think we have to watch closely what the potential developments are that may affect not just BRICS countries. Malaysia, like I said, we are open for business. We are open for trade and we believe that we need to engage all countries," he told a media conference after the official ceremony of the UK's Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) "enter-into-force" countdown.

Tengku Zafrul said he believes Malaysia's participation in a multilateral trade platform is important to improve people's livelihoods and improve the economy to maintain prosperity and stability. "We believe in the multilateral platforms that exist today in many countries, one being the CPTPP. And we are glad that the United Kingdom (UK), being one of the Group of Seven (G7) countries, is also participating in the CPTPP," he added.

Acting British High Commissioner David Wallace said that while some countries are talking about tariffs going up, the UK is trying to bring tariffs down by being a member of the CPTPP.

The UK is scheduled to enter the CPTPP on Dec 15, 2024.

-- BERNAMA