KUALA LUMPUR: The newly announced 25% tariff by the US on Malaysian goods is a harmful move rooted in political motivations, says SME Corporation Malaysia chairman Tan Sri Panglima Bernard Giluk Dompok.
He criticised the decision as being driven by a president with his own vision of national greatness – one that risks straining economic ties and undermining fair trade practices.
“We have been subjected to many inconveniences by them, and it is hurting many other people,“ he told Sunbiz on the sidelines of the launch of Sompo FlexiSME by Berjaya Sompo Insurance Bhd yesterday.
He highlighted that the tariff will also have an impact on members of the BRICS community.
Previously, it was reported that the US has threatened to impose an additional 10% tariff on any country aligning with “anti-American policies” of the BRICS bloc.
Furthermore, Bernard Dompok stated that trade disruptions will definitely impact small and medium-sized enterprises (SMEs) in Malaysia, even if larger companies seem to be the primary targets initially.
“When the supply chain goes down, it will affect everybody,“ he said, adding that the US tariff shows that the current global system is unstable and flawed.
“And probably, again, the multipolar system for the world must take its place,“ he suggested.
Separately, Bernard Dompok said that he had inquired about the availability of insurance coverage for trading risks to help businesses mitigate losses from trade-related disruptions.
“But it seems that, at the moment, that’s not possible,“ he said.
Nevertheless, he expressed optimism that insurance will become an integral part of doing business in the years ahead, as more entrepreneurs seek greater security.
“More and more people want to be assured that they’re not going to face total failure if something doesn’t work out,“ he added.
The Sompo FlexiSME is an insurance solution developed to support Malaysia’s small and medium-sized enterprises (SMEs) in navigating business risks and achieving greater financial resilience.
Bernard Dompok said Berjaya Sompo Insurance recognises the needs of MSMEs in managing their risks of financial losses arising from unforeseen events.
“Berjaya Sompo is introducing this tailored solution for MSMEs that is both affordable and aligned with each business’s unique needs.
“By providing accessible and flexible protection, we aim to help businesses recover more quickly and continue playing a vital role in driving the economy forward,” he said in his speech at the launch event.
Also present were Sompo International President of Consumer Lines for Asia Pacific Bill Zhang, and Berjaya Sompo Insurance CEO Tan Sek Kee, alongside senior leaders and industry stakeholders.
Tan said the Sompo FlexiSME, together with Berjaya Sompo’s fire coverage, is designed with one goal in mind: to give SME owners the flexibility to protect what matters most to their business without breaking the bank.
“This solution offers coverage that can be customised to suit individual needs, from property and liability to group personal accident protection.”
With modules covering Property Damage, Fire and Theft, Public Liability, Employer’s Liability, Group Personal Accident, and more, SOMPO FlexiSME is offered as a bundle with Berjaya Sompo’s Fire or SOMPO Fire policy.
The SME solution is now available through authorised agents nationwide.
