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New Straits Times
a day ago
- Business
- New Straits Times
Ministry's US engagement vital to securing equitable trade for Malaysia: Acccim
KUALA LUMPUR: Investment, Trade and Industry Ministry's continued engagement with the US is crucial for a balanced and fair trade deal for Malaysian industries, a trade body said. The Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) said this is given the strong bilateral trade relations between the countries. The US is Malaysia's second largest trading partner and largest export destination, with total trade in 2024 rising nearly 30 per cent to RM324.9 billion (US$71.4 billion). The chamber believes that the government will make its best effort to negotiate for a lower tariff before the revised 25 per cent tariff coming into effect on Aug 1. Acccim said it stands firmly behind the government's principle of having an open discussion with the US in developing a well-considered and comprehensive as well as mutual benefits trade framework for both countries. It also supports the government's position that any negotiations must prioritise the national interest. This is particularly to safeguard the interests of small and medium enterprises (SMEs) and mitigate potential adverse effects on domestic industries and employment. Acccim president Datuk Ng Yih Pyng, however, expressed concerns about the cumulative impact of multiple cost increases on businesses, especially amid a challenging global and domestic economic environment as well as tariffs policy uncertainty. He said the potential impact of tariffs not only would dampen exports but also have negative spillover effects on domestic sectors. "These tariffs headwind and global external uncertainties come at a time when companies are already facing higher operating costs due to the implementation of multiple cost measures. "This adds to the financial strain on businesses, potentially impacting the ability to invest," he added. Hence, the chamber urged the government to reconsider a reduction in the expanded sales and service tax rate to four per cent for the first two years of implementation, down from 6.0-8.0 per cent now.
The Sun
2 days ago
- Business
- The Sun
MITI to address US tariff hike on Malaysian exports in press conference
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
Sinar Daily
2 days ago
- Business
- Sinar Daily
Ministry to hold press conference to address latest US' tariff
The ministry highlighted that Malaysia values its longstanding economic and trade relationship with the US and recognises the important role of open and fair trade in supporting jobs and economic growth in both countries. 08 Jul 2025 01:25pm The Ministry of Investment, Trade and Industry (MITI) will be holding a press conference to address the latest reciprocal tariff rate of 25 per cent on Malaysian exports to the United States (US), said Minister Tengku Datuk Seri Zafrul Abdul Aziz. Bernama FILE PIX KUALA LUMPUR - The Ministry of Investment, Trade and Industry (MITI) will be holding a press conference to address the latest reciprocal tariff rate of 25 per cent on Malaysian exports to the United States (US), said Minister Tengku Datuk Seri Zafrul Abdul Aziz. "MITI has already issued an official statement on the current tariff position and a press conference will be held at 6pm at Menara MITI on Wednesday, following the Cabinet meeting,' he said. Tengku Zafrul was speaking to the Malaysian media covering the country's trade mission to three countries -- Italy, France and Brazil, led by Prime Minister Datuk Seri Anwar Ibrahim. The US has imposed a higher tariff of 25 per cent on any and all Malaysian products sent into the country, separate from all sectoral tariffs, effective Aug 1 this year. The US has imposed a higher tariff of 25 per cent on any and all Malaysian products sent into the country, separate from all sectoral tariffs, effective Aug 1 this year. Photo by AFP This is one percentage point higher compared to what was announced in April. Responding to the news, MITI in a statement said Malaysia is committed to continued engagement with the US towards a balanced, mutually beneficial, and comprehensive trade agreement. The ministry highlighted that Malaysia values its longstanding economic and trade relationship with the US and recognises the important role of open and fair trade in supporting jobs and economic growth in both countries. The US is Malaysia's second-largest trading partner and largest export destination, with total trade rising nearly 30 per cent to RM324.9 billion (US$71.4 billion) in 2024. Exports to the US reached RM198.7 billion (US$43.7 billion), while imports rose to RM126.3 billion (US$27.7 billion). - BERNAMA
New Straits Times
2 days ago
- Business
- New Straits Times
MITI to hold press conference to address latest US tariff
KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) will be holding a press conference to address the latest reciprocal tariff rate of 25 per cent on Malaysian exports to the United States (US), said Minister Tengku Datuk Seri Zafrul Abdul Aziz. "MITI has already issued an official statement on the current tariff position, and a press conference will be held at 6 pm at Menara MITI on Wednesday, following the Cabinet meeting," he said. Tengku Zafrul was speaking to the Malaysian media covering the country's trade mission to three countries -- Italy, France and Brazil, led by Prime Minister Datuk Seri Anwar Ibrahim. The US has imposed a higher tariff of 25 per cent on any and all Malaysian products sent into the country, separate from all sectoral tariffs, effective Aug 1 this year. This is one percentage point higher compared to what was announced in April. Responding to the news, MITI in a statement said Malaysia is committed to continued engagement with the US towards a balanced, mutually beneficial, and comprehensive trade agreement. The ministry highlighted that Malaysia values its longstanding economic and trade relationship with the US and recognises the important role of open and fair trade in supporting jobs and economic growth in both countries. The US is Malaysia's second-largest trading partner and largest export destination, with total trade rising nearly 30 per cent to RM324.9 billion (US$71.4 billion) in 2024. Exports to the US reached RM198.7 billion (US$43.7 billion), while imports rose to RM126.3 billion (US$27.7 billion).
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Malaysia to pursue fair trade deal as US imposes 25% tariff on exports
by AUFA MARDHIAH MALAYSIA will continue engaging with the US to reach a fair trade agreement following Washington's announcement of a 25% tariff on Malaysian exports, effective Aug 1. In a statement today, the Investment, Trade and Industry Ministry (MITI) said discussions with US counterparts are ongoing to address outstanding issues, clarify the scope of the tariffs and seek a fair resolution. 'Malaysia values its longstanding economic and trade relationship with the US and recognises the important role of open and fair trade in supporting jobs and growth in both our countries,' the ministry added. The 25% tariff is a revision of the 24% reciprocal tariff first announced in April under US President Donald Trump's Liberation Day global tariff initiative. While acknowledging US concerns over trade imbalances and market access, MITI stressed that unilateral measures could disrupt business operations, supply chains and investment flows that benefit both economies. 'Malaysia strongly believes that together, we can find mutually acceptable solutions that safeguard the interests of both our countries and our peoples,' it added. The US is currently Malaysia's second-largest trading partner and top export destination. Total trade between the two nations rose nearly 30% in 2024 to US$71.4 billion (RM324.9 billion), with exports to the US amounting to RM198.7 billion and imports at RM126.3 billion. MITI said the government remains committed to protecting the interests of Malaysian businesses, workers and consumers, and will take all necessary steps to mitigate the impact of the new tariffs. Earlier, Trump released a batch of letters to about a dozen countries, including Malaysia, inviting them to 'participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.' The letters were addressed to Prime Minister (PM) Datuk Seri Anwar Ibrahim and His Majesty Sultan Ibrahim, King of Malaysia. Similarly, the letter to Thailand was also addressed to its PM and monarch. In the nearly identical letters, Trump unveiled the first in a wave of promised letters that threaten higher tariff rates on key trading partners. These include a 25% levy on goods from Japan and South Korea, and signed executive order delaying implementation until Aug 1. In addition to Malaysia, the US also announced 25% tariffs on Kazakhstan and Tunisia, a 30% levy on South Africa and 40% levy on Laos and Myanmar. Other nations affected include Indonesia (32%), Bangladesh (35%), Thailand and Cambodia (36%), Bosnia (30%) and Serbia (35%).
