KAJANG: Malaysia, as the chair of ASEAN, will engage in discussions with several member states of the bloc to reach a collective agreement regarding the reciprocal tariff issue announced by the United States (US) to ensure that the principle of fairness is upheld in international trade.
In emphasising this matter, Prime Minister Datuk Seri Anwar Ibrahim stated that he himself has reached out to his counterparts, including Thailand’s Paetongtarn Shinawatra and Indonesia’s President Prabowo Subianto.
Anwar, who is also the Minister of Finance, will also hold discussions with Philippine President Ferdinand Marcos Jr and Singapore’s Prime Minister Lawrence Wong regarding the reciprocal tariff issue.
“This initiative aims to create a joint agreement among ASEAN member states on Malaysia’s response and to demand that the principle of fairness be applied in trade dealings between foreign countries, including ASEAN and the US.
“We are indeed affected, though the rates are high, they are still lower compared to some of our neighbouring countries. Therefore, we have decided to hold consultations with my counterparts,” he said to the press after Friday prayers at Prima Saujana Mosque, here today.
Earlier, Anwar and the congregation prayed for the victims of the gas pipeline fire incident in Putra Heights, Subang Jaya, and sought blessings for the dedication of the rescuers involved in the operation.
Meanwhile, ASEAN member states in the Indo-China region are the most severely impacted by these tariffs, with Cambodia facing an initial and reciprocal tariff of 49 per cent, followed by Laos (48 per cent), Vietnam (46 per cent), and Myanmar (44 per cent).
Thailand faces a tariff of 36 per cent, Indonesia 32 per cent, Brunei and Malaysia both at 24 per cent, the Philippines 17 per cent, and Singapore at a baseline tariff of 10 per cent.
According to a fact sheet from the White House dated April 2, 2025, the 10 per cent tariff on all countries will come into effect on April 5, 2025, while the individualised reciprocal higher tariffs on countries with which the US has the largest trade deficits will take effect on April 9, 2025.
All other countries will continue to be subject to the original 10 per cent tariff baseline, it was stated.
Special Meeting on US Tariffs
Anwar pointed out that he will preside over a special meeting today to discuss the US tariffs issue with the Cabinet.
He will be joined by Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour, and the Policy Advisory Committee to the Prime Minister chairman Tan Sri Mohd Hassan Marican.
When asked about the possibility of Malaysia responding in kind to the US, Anwar stated that the government prioritises the nation’s economic interests in addressing this issue.
“What is important is not about retaliation. We must carefully consider all aspects, and we will announce the outcome of the meeting later today,” he added.
Anwar also noted that the Minister of Investment, Trade, and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz is scheduled to hold a meeting with his counterparts next Thursday to discuss the implementation of the tariff.
“Tengku Zafrul, as the MITI minister, has already contacted his counterparts and will hold a meeting next Thursday with ASEAN trade ministers,” he said.
