(Kuching, 20th) It is expected that the new retaliatory tariffs announced by the United States will have a negligible direct impact on Sarawak's economy.
Deputy Minister of Sarawak's Ministry of International Trade, Industry and Investment, Datuk Malcolm Mussen, stated that tariffs have affected global supply chains and production, but their impact on Sarawak's economy remains limited.
"Tariffs have affected global supply chains and production, but their impact on Sarawak's economy remains limited, as by 2023, Sarawak's exports to the US amounted to only 1.2 billion ringgit, accounting for 0.9% of the state's total exports."
Malcolm Mussen made this response during the oral Q&A session in the Sarawak Parliament on this issue.
He added that Sarawak's main export products are liquefied natural gas (LNG), petroleum, palm oil, and aluminum, contributing 102.6 billion ringgit or 78.4% of the total exports in 2023.
He mentioned that in facing these global challenges, Sarawak will continue to adjust its economic policies according to the proactive measures of the federal government.
These measures include strengthening trade cooperation, diversifying export markets, investing in strategic industries, and exploring bilateral trade agreements.
He said that in order to comprehensively monitor and assess the impact of these tariffs, the federal government has also established the National Geo-Economic Command Centre (NGCC) to develop comprehensive mitigation strategies.
"Malaysia will also continue high-level strategic engagement with the United States through the Malaysia-United States Trade and Investment Framework Agreement (TIFA)."