Tariff talks with US won't compromise on Malaysia's sovereignty, Dewan Rakyat told
The Investment, Trade and Industry Minister said that negotiations will be based on principles and facts to safeguard the nation's economic sovereignty.
"We will not take the easy way out and will not bow to pressure, but negotiate strategically to defend jobs, shore up confidence among investors and, more importantly, defend the nation's sovereignty," he told Mohd Syahir Che Sulaiman (PN-Bachok) in the Dewan Rakyat on Tuesday (July 22).
Rather than retaliate, he said Malaysia preferred to negotiate with the United States on President Donald Trump's reciprocal trade tariffs.
"We are facing this challenge with a strong economic foundation and are confident that we will be able to face the situation in an organised manner," he added.
On April 2, Trump announced a 24% tariff on Malaysia, which was increased to 25% on July 7 after the end of a 90-day pause.
The new tariff rate is to be implemented on Aug 1, but negotiations are continuing.
Zafrul assured lawmakers that Malaysia would stand firm on several matters, including bumiputra equity in local companies and government projects, and halal certification for US companies exporting to Malaysia.
"(They) must obtain halal certification from the Malaysian Islamic Development Department (Jakim)," he added.
He pointed out that Prime Minister Datuk Seri Anwar Ibrahim had announced several measures during a special Parliament sitting on May 5 to help businesses cope with the US tariffs.
Among them was an increase in government guarantees by RM1bil under the Business Financing Guarantee Scheme to help affected SME exporters.
Also announced was the increase in soft loan facilities provided by development finance institutions by RM500mil to support SME entrepreneurs.
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