FX.co ★ Malaysia to Convene ASEAN Meeting on U.S. Tariffs

Malaysia will undertake an in-depth analysis of the recently implemented U.S. tariffs in the upcoming week, Prime Minister Anwar Ibrahim has announced. As the chair of ASEAN, Kuala Lumpur will convene a virtual meeting of the region's economic ministers to formulate a unified approach to address the situation. Anwar disputed the U.S. assertion that Malaysia applies a 47% tariff on American goods, describing the figure as inaccurate and fundamentally flawed. He stressed that Malaysia will not engage in retaliation but aims for a fair and constructive solution to safeguard market accessibility and boost investor confidence. A detailed examination sector by sector is planned to pinpoint the industries most impacted and devise suitable support measures. Furthermore, Malaysia intends to expedite vital economic reforms to enhance long-term resilience. Relevant Malaysian trade and foreign ministries are currently evaluating the tariffs' impact, conducting simulations, and engaging in discussions with U.S. officials and American businesses operating within the country.