logo
‘Malaysia does not impose 47 pct tariff on US imports, only 5.6 pct on average'

‘Malaysia does not impose 47 pct tariff on US imports, only 5.6 pct on average'

Daily Express05-05-2025

Published on: Monday, May 05, 2025
Published on: Mon, May 05, 2025
By: Bernama Text Size: For illustrative purposes only. - Getty Images/iStockphoto KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has refuted the United States's (US) claim that Malaysia has imposed a 47 per cent tariff on US imports into Malaysia. He said the calculation was based on the simple ratio of the US trade deficit with Malaysia to its total imports from Malaysia in 2024. Anwar said this claim was used as the basis by the US to impose a retaliatory tariff of 24 per cent on Malaysia, which is a 50 per cent reduction on the 47 per cent tariff that Malaysia is said to have imposed on imports from that country. 'We believe this calculation does not reflect the actual tariff level and is not based on sound economic theory. The fact is that, on average, tariffs imposed on US imports into Malaysia are only 5.6 per cent. 'This was acknowledged by the Office of the United States Trade Representative in the report '2025 National Trade Estimate Report on Foreign Trade Barriers of the President of the United States on the Trade Agreements Program' published on March 31, 2025,' the prime minister said during the Special Parliamentary Meeting on the US tariffs today. Anwar said that the government takes the US's imposition of retaliatory tariffs seriously. 'Therefore, taking into account the importance of the US as Malaysia's largest export destination and source of foreign investment, the government believes that any challenges to trade relations must be addressed pragmatically and based on national interests, while maintaining good relations with all of Malaysia's trading partners,' he said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Malaysia to host ASEAN Librarians Congress amid digital-era challenges
Malaysia to host ASEAN Librarians Congress amid digital-era challenges

The Sun

timean hour ago

  • The Sun

Malaysia to host ASEAN Librarians Congress amid digital-era challenges

KUALA LUMPUR: More than 1,000 library and information professionals from across Southeast Asia will gather in Kuala Lumpur next week for a regional congress focused on the future of librarianship in an increasingly digital world. The 19th Congress of Southeast Asian Librarians (CONSAL XIX 2025), taking place from June 16 to 19, will bring together delegates from all 10 ASEAN member states to promote knowledge sharing and cross-border cooperation in a sector undergoing rapid technological change. National Library of Malaysia director-general Edy Irwan Zulkafli said that while the library sector faces growing pressure from rapid technological change, it is adapting by embracing digital tools to enhance public access to information and services. 'With CONSAL XIX 2025 as a platform, we are able to discuss issues related to librarianship at both the national and ASEAN levels, while offering insights and recommendations to countries that are still developing their library services,' he said. He was speaking to Bernama after briefing on CONSAL XIX 2025 at the National Library here today. The congress, he added, will provide platform to address common challenges, with each country presenting a Country Report outlining developments, initiatives and obstacles in the field of library and information science. The four-day programme will include keynote addresses, academic paper presentations and interactive sessions, as well as exhibitions and library visits across Kuala Lumpur, Shah Alam, Petaling Jaya and Negeri Sembilan. A high-level session involving the heads of ASEAN delegations will also be held to strengthen regional collaboration. Malaysia will host CONSAL for the third time, following previous editions in 1981 and 1996, with Prime Minister Datuk Seri Anwar Ibrahim expected to officiate this year's congress at the World Trade Centre, themed 'Inclusive Knowledge: Bridging Divides, Empowering All'.

Late selling pressure drags Bursa Malaysia into the red
Late selling pressure drags Bursa Malaysia into the red

New Straits Times

timean hour ago

  • New Straits Times

Late selling pressure drags Bursa Malaysia into the red

KUALA LUMPUR: Bursa Malaysia closed marginally lower on Tuesday, with the benchmark index slipping 0.16 per cent, reversing earlier gains as mild selling pressure emerged in the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 2.46 points to 1,516.95 from Monday's close of 1,519.41. The benchmark index opened 0.30 of-a-point higher at 1,519.71 this morning, and subsequently moved between 1,516.23 and 1,522.43 throughout the day. On the local bourse, decliners beat gainers 441 to 437, while 533 counters were unchanged, 958 untraded and 11 suspended. Turnover expanded to 2.72 billion units worth RM2.09 billion compared with yesterday's 2.61 billion units worth RM1.84 billion. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed lower today, however, despite the late-session pullback, sectoral leadership remained consistent, with consumer, telecommunications, and plantation counters continuing to provide relative strength. "The weakness in the broader index was largely attributed to cautious investor positioning ahead of further developments in the ongoing US-China trade negotiations, now entering their second day. "While initial commentary from both sides has been constructive, market participants are taking a wait-and-see approach, with risk appetite tempered by uncertainty over the outcome and timeline of any potential tariff relief," he told Bernama. Commenting on market activity, Mohd Sedek noted that local institutional flows remained supportive, but were insufficient to offset profit-taking toward the close. "Foreign investors continued to reduce exposure, marking the 15th consecutive day of net outflows, although with signs of moderation in selling intensity," he added. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the brokerage firm maintained its weekly FBM KLCI target at the 1,500 to 1,530 range while the market awaits fresh drivers. "We advise investors to explore opportunities in domestically driven sectors like utilities, real estate, and financials, which are often more resilient to trade shocks," he added. Among the heavyweights, Maybank shed two sen to RM9.66, Tenaga Nasional and CIMB lost four sen each to RM14.24 and RM6.85, respectively, while Public Bank was unchanged at RM4.26. The top losers in the broader market were led by Nestle, which slid 74 sen to RM75.0, followed by Ayer Holdings which trimmed 40 sen to RM7.20, Allianz erased 28 sen to RM19.12, and Dutch Lady dipped 20 sen to RM29.50. Among the most active stocks, MYEG was half-a-sen better at 95.0 sen, NexG eased one sen to 36 sen, Tanco lost 2.5 sen to 96.5 sen, while Harvest Miracle and Main Market debutant Paradigm REIT were flat at 18 sen and RM1.0, respectively.

Over 1,000 Librarians to Attend CONSAL XIX in Kuala Lumpur
Over 1,000 Librarians to Attend CONSAL XIX in Kuala Lumpur

The Sun

timean hour ago

  • The Sun

Over 1,000 Librarians to Attend CONSAL XIX in Kuala Lumpur

KUALA LUMPUR: More than 1,000 library and information professionals from across Southeast Asia will gather in Kuala Lumpur next week for a regional congress focused on the future of librarianship in an increasingly digital world. The 19th Congress of Southeast Asian Librarians (CONSAL XIX 2025), taking place from June 16 to 19, will bring together delegates from all 10 ASEAN member states to promote knowledge sharing and cross-border cooperation in a sector undergoing rapid technological change. National Library of Malaysia director-general Edy Irwan Zulkafli said that while the library sector faces growing pressure from rapid technological change, it is adapting by embracing digital tools to enhance public access to information and services. 'With CONSAL XIX 2025 as a platform, we are able to discuss issues related to librarianship at both the national and ASEAN levels, while offering insights and recommendations to countries that are still developing their library services,' he said. He was speaking to Bernama after briefing on CONSAL XIX 2025 at the National Library here today. The congress, he added, will provide platform to address common challenges, with each country presenting a Country Report outlining developments, initiatives and obstacles in the field of library and information science. The four-day programme will include keynote addresses, academic paper presentations and interactive sessions, as well as exhibitions and library visits across Kuala Lumpur, Shah Alam, Petaling Jaya and Negeri Sembilan. A high-level session involving the heads of ASEAN delegations will also be held to strengthen regional collaboration. Malaysia will host CONSAL for the third time, following previous editions in 1981 and 1996, with Prime Minister Datuk Seri Anwar Ibrahim expected to officiate this year's congress at the World Trade Centre, themed 'Inclusive Knowledge: Bridging Divides, Empowering All'.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store