Malaysian pharmaceuticals, semiconductors exempt from US tariffs, minister says
'At this time, exports of semiconductor and pharmaceutical (products) remain at 0 per cent (tariff rate),' he said at a press briefing after the US imposed a tariff of 19 per cent on Malaysia's exports.
He said the levy on Malaysian goods would be effective from Aug 8.
Tengku Zafrul also said that there had been no agreement with the US or other countries on the exclusive supply of rare earths.
'In fact, no such request has been made by the US,' he said.
Gaining access to rare earth metals has been a crucial part of US trade negotiations, with rival China currently in control of 90 per cent of global processing capacity. Critical minerals were also under discussion during US negotiations with Indonesia.
Tengku Zafrul said Malaysia and the US would release a joint statement on tariffs at the weekend.
The trade ministry said in a statement earlier on Friday that the tariff outcome came after sustained engagement by both countries and did not cross any of Malaysia's 'red lines' or compromise its sovereign rights. REUTERS
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