Foreign Minister Datuk Seri Mohamad Hasan pointed out that US President Donald Trump's decision to impose a 25% tariff on automotive, semiconductor, and pharmaceutical imports will pose a challenge to Malaysia.
He said this is because Malaysia's exports of electrical and electronics make up 60% of the total trade between Malaysia and the US.
He highlighted today (20th) during the question and answer session at the House of Representatives that if this issue is not resolved immediately, it would be a huge blow to our country.
“That's why yesterday I also stated in the hallowed parliamentary hall that ASEAN plans to hold an ASEAN-US special summit immediately to present (the issue) to the new US government.”
“We need to discuss how to present the opinions of ASEAN countries to ensure that the proposed tariffs do not become a burden to the countries.”
He pointed out that the US's move to impose high tariffs is aimed at driving large corporations operating overseas to return and establish businesses in the US.
In response to a question from Barisan Nasional's Southeast Town Member of Parliament, Manzli, about how much benefit Malaysia can gain from hosting the second ASEAN-Gulf Cooperation Council (ASEAN-GCC) Summit and the ASEAN-GCC-China Summit to strengthen our economic, trade, and investment cooperation with these regions, Mohamad Hasan said the three parties need to sit down together to discuss this issue.
He pointed out that China is the largest market nation, the GCC has capital, and ASEAN is a group of nations rich in natural resources. If these three major groups can discuss together, it will aid ASEAN in developing its internal economy, aiming to become the world's fourth-largest economy by 2030.