Prime Minister Datuk Seri Anwar Ibrahim has confirmed that the tariff rate imposed by the Trump administration on Malaysian exports will be announced tomorrow morning.
According to New Straits Times, after a phone call with United States President Donald Trump earlier today, Anwar said the much-anticipated 25% tariff rate, currently under negotiation, will finally be revealed.
Deal to be reached by Aug 1
On April 2, Trump announced sweeping tariff measures targeting various global economies, claiming the US had long been on the losing end of international trade deals.
He later signed an order delaying implementation to August 1 to allow time for negotiations with affected nations.
Malaysia is among those under the spotlight, with Washington warning that a 25 per cent tariff will be applied to Malaysian goods unless a deal is reached by the August 1 deadline.
Pushing for lowest possible tariff rate
Last week, Investment, Trade and Industry Minister Tengku Zafrul Aziz said Malaysia was pushing for “the lowest possible” tariff rate.
He also refuted reports that the country was targeting a 20% rate, adding that the “target is lower than that” and emphasised that the government would not agree to terms that could harm local industries.
