KUALA LUMPUR: Prime Minister Anwar Ibrahim said the Cabinet will be briefed on the ramifications of the US Supreme Court’s decision to strike down the tariffs imposed by Donald Trump’s administration at its next meeting.
Trump has said he will impose global tariffs of 15% to replace the tariffs scrapped by the court, after he initially announced a 10% levy on all goods entering the US.
Speaking to reporters after a “buka puasa” event here this evening, Anwar said the investment, trade and industry ministry (Miti) will table its detailed report on Friday.
“And once we have reviewed it, we will respond,” he said.
Anwar, who is also the finance minister, said Miti was reviewing the US court’s decision and coordinating with its counterparts in Washington DC as well as those in Asean.
Yesterday, investment, trade and industry minister Johari Ghani pointed out that Washington still has other legal mechanisms under which it could impose various trade measures, including unilateral tariffs.
Johari said the ministry was looking into Trump’s (initial) announcement of a 10% tariff on all imports after the Supreme Court’s decision (which Trump has since increased to 15%).
Malaysia and the US signed a reciprocal trade agreement when Trump visited Kuala Lumpur for the Asean summit last year. The deal maintained the 19% tariffs on Malaysian goods, but certain products enjoyed zero tariffs under aligned partner-trade lists.
Miti is in the midst of conducting a review and cost-benefit analysis of the agreement to safeguard Malaysia’s economic interests and sovereignty.
