Malaysia prepares for potential US semiconductor tariffs, says Tengku Zafrul
He highlighted that while semiconductor products are currently exempt from retaliatory tariffs, they remain under investigation under Section 232 of the US Trade Expansion Act of 1962, which permits tariffs on national security grounds.
Tengku Zafrul addressed the Dewan Rakyat during a briefing on US trade negotiations, noting that the US is encouraging Malaysia to increase commercial considerations, including procurement and investment, under the upcoming Agreement on Reciprocal Trade (ART).
A key commitment includes US$150 billion in procurement by multinational firms in semiconductors, aerospace, and data centres over five years.
To mitigate trade challenges, the government will support local industries, particularly SMEs, in adapting to geopolitical shifts.
MITI will conduct outreach programmes to assist businesses in adjusting export strategies amid potential tariff implementations.
Tengku Zafrul reaffirmed Malaysia's commitment to strengthening bilateral trade while safeguarding sovereignty and economic stability.
The finalised agreement with the US aims to balance trade benefits with strategic global partnerships. - Bernama
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