Malaysia PM says US tariff rate on Malaysian goods to be announced Friday
Malaysia is facing a 25 per cent tariff on its exports to the United States unless a deal with Washington is reached by Friday.
The two countries have held multiple rounds of talks, with Malaysia's trade minister saying several sticking points remained, particularly on non-trade barriers.
Anwar said he discussed tariffs 'in the spirit and principle of free trade' during a phone conversation with Trump early on Thursday.
'After the explanation I provided, he (Trump) decided to review the tariff rates imposed on Malaysia, with an announcement expected tomorrow' Anwar said in a speech to parliament to present the country's new five-year economic plan. Anwar did not provide further details.
Anwar also said Trump confirmed that he would attend a meeting of the Association of South-east Asian Nations (Asean) in Malaysia in October.
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Malaysia will target annual gross domestic product growth of 4.5 per cent to 5.5 per cent from 2026 to 2030, with a deficit of less than 3 per cent of GDP by the end of that period, Anwar said when launching the new five-year plan.
The South-east Asian nation is also targeting export growth of 5.8 per cent a year in the plan, and will strive to keep inflation at an average rate of 2 per cent-3 per cent for the period, he said.
Malaysia will allocate RM611 billion (S$186 billion) for the economic plan, with RM430 billion of the total coming from the government's coffers, and the remainder from government-linked companies and the private sector, Anwar added.
'The next five years will be a crucial period for Malaysia to not only transition into a high-income nation but also to provide a high quality of living for the people,' Anwar said.
Malaysia's central bank on Monday lowered its growth forecast for 2025 to a range of 4 per cent to 4.8 per cent from 4.5 per cent to 5.5 per cent due to global tariff uncertainties and shifting trade policies. The bank also cut interest rates for the first time in five years earlier this month to 'pre-emptively preserve' the export-oriented economy's growth. REUTERS
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