Latest news with #ZafrulAziz
Business Times
an hour ago
- Business
- Business Times
Malaysia's trade growth target achievable despite US tariffs: minister
[KUALA LUMPUR] Malaysia remains on track to reach its trade growth target for the year even as it expects the pace of expansion to moderate in the second half, according to Investment, Trade and Industry Minister Zafrul Aziz. Trade growth of about 4 per cent to 5 per cent in 2025 is 'still achievable,' Zafrul said at a briefing in Kuala Lumpur on Tuesday (Jul 15). The ministry has observed front-loading activity and expects this to continue given the Aug 1 deadline for US levies to kick in, he said. Exports in May contracted for the first time since September 2024, signalling a rocky road ahead for Malaysia as it contends with steeper tariffs. The trade-reliant nation was threatened with a 25 per cent levy from the US, higher than the initial 24 per cent announced in April, and officials are racing to negotiate with Washington to bring it down further before Aug 1. The US wanted equity restrictions lifted on all of Malaysian industries, Zafrul said. The ministry is meeting with stakeholders on this to check if the country is ready to liberalise its sectors, he said. BLOOMBERG
Business Times
3 hours ago
- Business
- Business Times
Malaysia says trade growth target achievable despite US tariffs
[KUALA LUMPUR] Malaysia remains on track to reach its trade growth target for the year even as it expects the pace of expansion to moderate in the second half, according to Investment, Trade and Industry Minister Zafrul Aziz. Trade growth of about 4 per cent to 5 per cent in 2025 is 'still achievable,' Zafrul said at a briefing in Kuala Lumpur on Tuesday (Jul 15). The ministry has observed front-loading activity and expects this to continue given the Aug 1 deadline for US levies to kick in, he said. Exports in May contracted for the first time since September 2024, signalling a rocky road ahead for Malaysia as it contends with steeper tariffs. The trade-reliant nation was threatened with a 25 per cent levy from the US, higher than the initial 24 per cent announced in April, and officials are racing to negotiate with Washington to bring it down further before Aug 1. The US wanted equity restrictions lifted on all of Malaysian industries, Zafrul said. The ministry is meeting with stakeholders on this to check if the country is ready to liberalise its sectors, he said. BLOOMBERG
Straits Times
6 hours ago
- Business
- Straits Times
Malaysia has not found any evidence yet of illicit chip smuggling, minister says
Find out what's new on ST website and app. Malaysia has been under pressure from the US to staunch the flow to China of chips crucial to the development of artificial intelligence. KUALA LUMPUR - Malaysia has not yet found any evidence of illicit trade in advanced semiconductors, its trade minister said on July 15, adding that authorities were seeking help from the US in its probe into alleged chip smuggling. Malaysia has been under pressure from the US to staunch the flow to China of chips crucial to the development of artificial intelligence. The Investment, Trade and Industry Ministry in June said it was investigating reports that a Chinese company in the country was using servers equipped with Nvidia chips for AI development. The ministry this week also imposed export controls on the movement of high-performance chips of US origin. Minister Tengku Zafrul Aziz said the move was aimed at preventing the misuse of technology and ensure Malaysia remained in compliance with international standards and obligations. 'We want to prevent the misuse of divergent, sensitive technology, such as AI chips,' he told a press conference. 'And most importantly for our industries and economy, we want to avoid secondary sanctions.' Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: MinLaw acts against 4 law firms, 1 lawyer over seized properties Opinion What we can do to fight the insidious threat of 'zombie vapes' Asia China's economy grows 5.3% in first half of 2025, momentum slowing amid trade tensions Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years Export controls on chips were one of the concerns raised by the US in its talks with Malaysia over tariffs imposed on the country's goods, Datuk Seri Zafrul said. Malaysia faces a 25 per cent tariff on its exports to the US, unless it can reach a trade deal with Washington before August 1. Mr Zafrul expressed concern over the tariff rate, and said several sticking points remained in the negotiations, declining to provide details due to the sensitivity of the matter. 'We can't agree to terms when the tariff rate is still high because we don't know what the terms are,' he said. Regardless of the tariffs, Malaysia remained on track to meet its economic growth target of 4.5 to 5.5 per cent for the year, while the ministry will look to achieve its trade target of 5 per cent growth in 2025, he said. REUTERS
Bloomberg
7 hours ago
- Business
- Bloomberg
Malaysia Says Trade Growth Target Achievable Despite US Tariffs
Malaysia remains on track to reach its trade growth target for the year even as it expects the pace of expansion to moderate in the second half, according to Investment, Trade and Industry Minister Zafrul Aziz. Trade growth of about 4% to 5% in 2025 is 'still achievable,' Zafrul said at a briefing in Kuala Lumpur on Tuesday. The ministry has observed front-loading activity and expects this to continue given the Aug. 1 deadline for US levies to kick in, he said.
Bloomberg
5 days ago
- Business
- Bloomberg
Malaysia Optimistic of Deal to Lower US Tariffs Before Deadline
Malaysia is optimistic it can reach a deal with the US to lower tariffs ahead of the Aug. 1 deadline for trade talks after President Donald Trump threatened to impose a steeper levy on the Southeast Asian country, according to Investment, Trade and Industry Minister Zafrul Aziz. Talks have been challenging though discussions have been done 'in a very respectful manner,' Zafrul said in an interview with Bloomberg TV's Haslinda Amin.
