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Free Malaysia Today
15-05-2025
- Business
- Free Malaysia Today
Cambodia holds trade talks with US as 49% tariff weighs on outlook
The US has been Cambodia's biggest export market. (EPA Images pic) PHNOM PENH : Cambodia has held its first round of trade talks with the US in Washington, its government said today, as it tries to negotiate over one of the highest tariff rates imposed by the Trump administration. The US is Cambodia's biggest export market, with the Southeast Asian country facing major implications for its crucial textiles and footwear manufacturing sector if it is unable to negotiate a reduction in a 49% tariff rate. 'Both sides exchanged their views in a frank and constructive manner in an atmosphere of mutual understanding on ways to further strengthen bilateral trade and investment,' Cambodia's government said in a statement, adding a second round of talks would be held in early June. It made no mention of the tariffs and said talks were held between its deputy prime minister Sun Chanthol, commerce minister Cham Nimul and Sarah Ellerman, the assistant US trade representative for Southeast Asia and the Pacific. The Office of the US Trade Representative did not immediately respond to a request for comment outside of regular working hours. Cambodia's 49% tariff rate is the highest of the Southeast Asian countries affected, which are among those hardest hit. Moody's last month changed its outlook for Cambodia to negative from stable, citing downside risks to its growth prospects given the uncertainty over the US tariffs. Cambodia has a big trade surplus with the US, with its exports to the US market accounting for 37.9% of its total shipments in 2024, which were valued at close to US$10 billion, according to official data. Much of that was garments and footwear, a sector vital to its US$49.8 billion economy and a key source of employment in manufacturing goods for brands that include Adidas, H&M, Ralph Lauren and Lacoste.
New Straits Times
06-05-2025
- Business
- New Straits Times
Malaysia, US begin formal trade talks to address tariff issues
KUALA LUMPUR: Malaysia and the United States began formal negotiations via video conference this morning to address tariff-related issues, with talks led by the Investment, Trade and Industry Ministry's (MITI) deputy secretary-general (trade), Mastura Ahmad Mustafa. Minister Tengku Datuk Seri Zafrul Abdul Aziz said Mastura, who is also Malaysia's chief negotiator, held the meeting with the Assistant US Trade Representative for Southeast Asia and the Pacific, Sarah Ellerman. "She has already started the meeting this morning — it's being held online. That is why she is not here — she is currently in a session with her US counterpart, Sarah Ellerman," he said at a press conference on MITI's First Quarter 2025 Report Card. Tengku Zafrul declined to elaborate. The trade talks are primarily aimed at ensuring that the US does not impose reciprocal tariffs on Malaysia. The US has announced a 24 per cent tariff on most Malaysian goods, along with a range of duties affecting around 60 countries. However, the tariffs have been suspended for 90 days to allow for trade negotiations. Tengku Zafrul said Malaysia had held discussions with Ellerman during her visit to Malaysia for an ASEAN-related meeting. "As Malaysia holds the Asean chairmanship this year, she was invited to attend a meeting involving senior Asean trade officials, with participation from the US, the EU, Japan, Korea, and Thailand. "That same person — Sarah Ellerman — is now serving as the chief negotiator for the US," he said. Previously, Tengku Zafrul said that the United States had made four key demands to Malaysia in the ongoing tariff negotiations, aimed at reaching a mutually beneficial outcome. The priorities focus on non-tariff barriers, addressing the trade deficit, safeguarding US technology, and encouraging investment in American industries.
