KUALA LUMPUR: Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, said Malaysia welcomes the United States’ (US) move to pause higher tariffs for numerous trading partners.
However, he acknowledged that this volatility creates significant challenges for ASEAN economies.
“These latest developments will certainly be among the topics of discussion at the ASEAN Economic Ministers’ Meeting that I will be chairing this morning,” he posted on social media.
He pointed out that nothing is certain but uncertainty when it comes to US President Donald Trump’s tariffs.
The special meeting today is to discuss a coordinated response from the bloc to Trump’s imposition of reciprocal tariffs.
“Malaysia is actively assessing the implications of these changes and remains dedicated to collaborating with ASEAN partners to mitigate disruptions, enhance regional economic resilience, and advocate for balanced and predictable trade relations,” Tengku Zafrul said.
He reiterated that ASEAN unity and regional economic integration will be more crucial than ever before, and that Malaysia welcomes the support of partners who share this vision and want to see the region thrive.
Malaysia has been, and will continue to be, an open and reliable trading and investment partner to all nations, including China and the US.
The country remains committed to open communication and to finding mutually beneficial solutions to the trade issue with America.
Moreover, Malaysia will continue its existing strategies of trade diversification and forging new markets, as well as deepening existing ones, as a hedge against current uncertainties.
It will also intensify its economic reform agenda to ensure Malaysia’s competitiveness.
“Our priority is to navigate this evolving landscape while safeguarding our nation’s economic prosperity,” said the minister.
Trump said on Wednesday that he had been considering a 90-day delay in elevated reciprocal tariffs with the country’s trading partners “over the last few days”, citing diplomatic engagement and goodwill as factors behind the move, Anadolu Ajansi (AA) reported.
The announcement came on the same day the president increased US tariffs on Chinese imports to 125 per cent.
Simultaneously, more than 75 countries were granted a 90-day reprieve from a separate deadline that would have subjected them to tariffs exceeding the 10 per cent baseline, with some facing significantly higher rates.
In a post on his Truth Social platform, Trump said the delay was prompted by outreach from affected nations aiming to “negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs”.
He noted the countries had not retaliated “in any way, shape or form against the US”.
ASEAN’s Indochina member states were the hardest hit by the tariffs, with Cambodia facing combined baseline and retaliatory duties totalling 49 per cent, followed by Laos (48 per cent), Vietnam (46 per cent), and Myanmar (44 per cent).
Thailand was subjected to tariffs of 36 per cent, Indonesia 32 per cent, Brunei and Malaysia both 24 per cent, and the Philippines 17 per cent, while Singapore faced a baseline tariff of 10 per cent. – BERNAMA
