Malaysia Denies 47% Tariff Claim, Vows Fair Trade Talks

Post by: Bandan Preet

Photo: Reuters

Malaysia has strongly denied a claim made by the United States that it puts a 47% tariff on goods coming from America. The Malaysian government said this is not true and added that it is ready to talk with the US to find a fair and balanced solution to trade problems.

In a statement released late Friday, Malaysia’s Ministry of Trade said, “Reciprocal tariffs go against the rules of free and fair trade, as set by the World Trade Organization (WTO).” This response came after the US accused Malaysia of charging high taxes on American products.

Recently, US President Donald Trump added a 24% tariff on goods from Malaysia. This was part of a larger plan to deal with what the US calls “big trade imbalances” with several countries. These new US tariffs could lead to other countries fighting back and might create problems for businesses and buyers.

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Malaysia said it is still trying to understand how these US tariffs will affect its economy. Because of this, the government is now reviewing its earlier forecast of economic growth, which was between 4.5% and 5.5% for this year. However, officials said they do not expect a recession or a major slowdown in the economy.

The government explained that the full effect of the US tariffs will become clearer once it knows more about how and when the new rules will be applied, what products are included, and whether there will be any exceptions. They are also waiting to see how trade talks between the two countries will go.

To reduce the impact of the new tariffs, Malaysia plans to strengthen its supply chains and increase trade and investment with other countries. The issue will also be discussed in detail at a special meeting of economic ministers from ASEAN (Association of Southeast Asian Nations) on April 10.

In short, Malaysia disagrees with the US claim, is preparing for the impact, and wants to work together with other countries to keep trade fair and balanced.

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