MITI to hold press conference to address latest US' tariff - Tengku Zafrul

KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) will be holding a press conference to address the latest reciprocal tariff rate of 25 per cent on Malaysian exports to the United States (US), said Minister Tengku Datuk Seri Zafrul Abdul Aziz.

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The US will impose a blanket 25% tariff on all Malaysian exports starting August 1, up from the earlier announced rate.
MITI reaffirmed its commitment to engage the US for a balanced and mutually beneficial trade agreement.
The US remains Malaysias largest export market, with bilateral trade rising nearly 30% to RM324.9 billion in 2024.

"MITI has already issued an official statement on the current tariff position, and a press conference will be held at 6 pm at Menara MITI on Wednesday, following the Cabinet meeting," he said.

Tengku Zafrul was speaking to the Malaysian media covering the country's trade mission to three countries -- Italy, France and Brazil, led by Prime Minister Datuk Seri Anwar Ibrahim.

The US has imposed a higher tariff of 25 per cent on any and all Malaysian products sent into the country, separate from all sectoral tariffs, effective Aug 1 this year.

This is one percentage point higher compared to what was announced in April.

Responding to the news, MITI in a statement said Malaysia is committed to continued engagement with the US towards a balanced, mutually beneficial, and comprehensive trade agreement.

The ministry highlighted that Malaysia values its longstanding economic and trade relationship with the US and recognises the important role of open and fair trade in supporting jobs and economic growth in both countries.

The US is Malaysia's second-largest trading partner and largest export destination, with total trade rising nearly 30 per cent to RM324.9 billion (US$71.4 billion) in 2024.

Exports to the US reached RM198.7 billion (US$43.7 billion), while imports rose to RM126.3 billion (US$27.7 billion).

-- BERNAMA