Minister of Investment, Trade, and Industry, Datuk Seri Tengku Zafrul, stated that our country welcomes adjustments to the U.S. tariff policy. However, given the uncertainties, especially concerning the impact on global and ASEAN countries' trade, our country will adopt a cautious approach towards this matter.
On the eve of chairing the ASEAN Economic Ministers Meeting, he addressed on Facebook regarding U.S. President Trump's announcement to suspend the "reciprocal tariffs" imposed on multiple countries for 90 days and the increase in tariffs on Chinese goods. He mentioned that this situation might be one of the important topics in the upcoming meeting.
“Besides the uncertainties, nothing is certain about Trump's tariff policy!”
He pointed out that this unpredictable phenomenon leads to doubts about the direction of global trade and the impact on ASEAN.
Tengku Zafrul stated that our country is actively assessing the impacts of these changes and continues to collaborate with ASEAN partners to reduce external influences, strengthen regional economic resilience, and promote a balanced and stable trade environment.
“ASEAN unity and regional economic integration are more important than anything else, and we welcome support from friends who share the same aspirations and wish for our success.”
He further mentioned that our country remains open in its trade and investment partnerships with all countries, including China and the United States.
He reiterated that our country is committed to seeking mutually beneficial solutions with the United States and will continue to diversify trade and explore new markets.
“As a cautious measure to address the existing uncertainties, we will deepen our current markets and enhance the intensity of national economic reform policies.”
“Our primary task is to respond to the ever-changing circumstances and protect our country's economic prosperity.”
On Wednesday (9th), Trump announced a reduction in tariffs to 10% for multiple countries, including ours.
He also stated that due to "China's lack of respect for the world market," tariffs on Chinese goods would increase from 104% to 125%, with immediate effect.