KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) will hold a press conference to address the latest US tariff increase on Malaysian exports, set at 25%.
Minister Tengku Datuk Seri Zafrul Abdul Aziz confirmed the briefing will take place at 6 pm on Wednesday at Menara MITI, following a Cabinet meeting.
The US recently raised tariffs on all Malaysian products to 25%, separate from sector-specific duties, effective August 1. This marks a one-percentage-point increase from the rate announced in April.
MITI has reaffirmed Malaysia’s commitment to engaging with the US for a balanced and mutually beneficial trade agreement. The ministry emphasised the importance of the US as Malaysia’s second-largest trading partner and top export destination, with bilateral trade reaching RM324.9 billion in 2024.
Exports to the US surged to RM198.7 billion, while imports stood at RM126.3 billion. MITI stressed the value of open and fair trade in supporting economic growth and job creation in both nations. – Bernama
