US tariff cut boosts Malaysia's construction and manufacturing sectors
He said the move to lower tariffs from 25 per cent to 19 per cent, effective today, reflects growing confidence in Malaysia's economic governance and stands as a testament to the country's credibility as a reliable international trade partner.
'We are grateful for this positive development. It sends a strong signal of trust in Malaysia's economic governance, policy reforms, and commitment to fair, rules-based trade.
The 19 per cent rate achieved without compromising our national sovereignty underscores Malaysia's maturity in international negotiations,' he said in a statement today.
Malaysia's exports of furniture, lighting signs, and prefabricated building materials were estimated at US$1.55 billion (approximately RM7 billion) in 2024. Nga added that the new rate is expected to further enhance market access and competitiveness.
'Lower tariffs can facilitate greater access to quality construction materials and technologies at competitive prices, supporting our goal to build smarter, greener and more liveable homes and cities,' he said.
Meanwhile, Nga, who is also president of the United Nations Human Settlements Programme (UN-Habitat), said the outcome resulted from sustained bilateral negotiations led by the Ministry of Investment, Trade and Industry (MITI), under the leadership of Prime Minister Datuk Seri Anwar Ibrahim and the MADANI Government.
He also welcomed the announcement that US President Donald J. Trump will visit Kuala Lumpur in October for the 47th ASEAN Summit.
'President Trump's presence in Kuala Lumpur will further cement the ASEAN–US partnership. Malaysia looks forward to showcasing its progress in sustainable development, people-centric governance, and green urban transformation under the MADANI vision,' he added. - Bernama
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