Kuala Lumpur: The Ministry of Investment, Trade and Industry (MITI) will submit an in-depth study on the impact of the United States (US) tariffs on several export sectors within this coming week. MITI Minister Tengku Datuk Seri Zafrul Aziz will also convene a virtual meeting with all ASEAN Economic Ministers to prepare a coordinated ASEAN response.
According to BERNAMA News Agency, an impact study on specific sectors will be carried out to determine the necessary support for sectors severely affected by the tariffs, Prime Minister Datuk Seri Anwar Ibrahim said in a video addressing the issue. Anwar, who is also the Finance Minister, said all options would be explored to ensure the well-being of the people and business sectors.
The MADANI government will accelerate the economic and industrial reform agenda outlined in master plans such as the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and others, to build Malaysia’s long-term economic and industrial resilience, he said.
At the regional level, Malaysia, as the ASEAN chair, will strengthen collaboration with its neighbours. ASEAN nations are among the countries hit with the highest US tariffs. As ASEAN chair, Malaysia will lead efforts to present a united regional front, maintain open and resilient supply chains, and ensure ASEAN’s collective voice is heard clearly and firmly on the international stage.
Anwar emphasized the necessity of acknowledging that this round of sweeping tariffs may only be the beginning of greater challenges to come in the external economy. He stressed the importance of being mentally prepared to weather the potential storm ahead and working together as a nation to safeguard continued prosperity. The government stands ready to address and mitigate these challenges.
Anwar reiterated that the approach will not be confrontational but collaborative, working with friends and partners constructively. He assured that the MADANI government will continue to prioritize the interests of Malaysia, its people, businesses, and exporters.