Guan Eng urges freeze on electricity rates, SST hike amid looming US trade tariffs
The Bagan MP and former finance minister cited the need to help Malaysian businesses prepare for the 25 per cent reciprocal tariffs imposed by the United States, which are set to take effect on August 1.
Lim asserted that Bank Negara Malaysia's decision to reduce the Overnight Policy Rate by 25 basis points from 3 per cent to 2.75 per cent was 'clearly' aimed at addressing the tariffs, despite these not being explicitly mentioned.
'During such unfavourable 'tariff war' environments, few countries have imposed utility price hikes or increased taxes,' Lim stated, arguing that Malaysia's approach runs counter to international best practices.
The MP also highlighted that BNM's acknowledgment of downside risks to the growth outlook, particularly from slower global trade and weaker sentiment, supports the need for fiscal relief measures.
He noted that despite positive economic indicators including inflation dropping to 1.2 per cent in May 2025 and record labour force participation of 70.8 per cent, many businesses and households continue to struggle with cost of living pressures.
Lim then expressed hope that upcoming discussions with government leaders and MPs next week would result in a freeze on utility charges and SST increases.
Earlier this week, Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz said Malaysia would continue negotiations with the US for a fair and equitable solution, after President Donald Trump unexpectedly announced the new tariffs.
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