Reduced levy to take effect on Aug 8: Minister
He said both governments are expected to issue a joint statement this weekend to formalise the agreement, which he described as a significant breakthrough in bilateral trade relations.
'In the tariff negotiations, we adopted a comprehensive and systematic approach in finalising Malaysia's offer to the US.
'The ministry's negotiation team worked closely with various government agencies to coordinate efforts. We also obtained Cabinet approval to present an offer to the US that we believe is fair for Malaysia.'
He said the outcome reflects the strength of Malaysia-US economic ties with the US remaining Malaysia's largest export market valued at RM198.65 billion in 2024, and affirms Malaysia's credibility as a reliable trade and investment partner.
Tengku Zafrul said the revised 19% tariff aligns Malaysia with regional competitors, helping safeguard national interests while maintaining export competitiveness.
He also directly addressed public concerns that Malaysia may have compromised its halal standards to meet US demands, dismissing such claims as false.
'What was agreed upon was to facilitate the import process of US halal meat into Malaysia, which will be carried out by US halal certification bodies recognised by the Islamic Development Department.
'Compliance with syariah requirements remains a prerequisite for all halal meat imports, including those from the US. Any meat that does not meet the department's standards cannot be brought into Malaysia.'
Tengku Zafrul thanked the US Trade Representative's Office and the US Commerce Department for their constructive cooperation.
He said the ministry has been working with Bank Negara Malaysia to assess the economic implications of various tariff levels and would coordinate with other ministries to support local exporters, especially SMEs.
The ministry will also promote the use of Malaysia's 18 free trade agreements to diversify export markets and align efforts with long-term national strategies, including the New Industrial Master Plan 2030, Green Investment Strategy and the National Semiconductor Strategy.
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