Malaysia seeks to mitigate US tariff impact, keep maritime industry competitive - Loke

PETALING JAYA: Transport Minister Anthony Loke has expressed hope that the ongoing negotiations with the US government, ahead of the potential imposition of a 25 per cent tariff rate on Malaysia from Aug 1, will help mitigate the impact on the country's maritime industry and ensure it remains competitive.

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Malaysia's maritime sector is strong due to higher trade volumes at key ports like Port Klang.
Port Klang may be ranked among the worlds top 10 busiest ports by Lloyds List in August.
The government is using diplomatic efforts to secure better trade terms with the US.

He noted that the maritime sector is currently performing well, supported by higher trade volumes at ports operated by MMC Corporation Bhd and Westports Holdings Bhd.

"Currently, we are doing well. If you look at our ports, they are performing strongly because volumes have increased," he said.

"In fact, we are awaiting the announcement by Lloyd's List this August that will confirm that Port Klang is among the top 10 busiest ports in the world," he told reporters after officiating the Malaysia Maritime Week today.

Hence, Loke said, the government is doing its utmost to leverage all available diplomatic channels to secure a better deal with the US.

"We are using our diplomatic advantages to negotiate a better outcome so that we can hopefully mitigate any negative impact," he said.

-- BERNAMA