Latest news with #TengkuZafrulTengkuAbdulAziz
The Sun
01-08-2025
- Business
- The Sun
Reduced levy to take effect on Aug 8: Minister
PETALING JAYA: The reduced tariffs on Malaysian exports will take effect on Aug 8 following the conclusion of negotiations between both countries, said International Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz. 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.
The Sun
10-07-2025
- Business
- The Sun
Putrajaya to press on with US tariff negotiations
KUALA LUMPUR: Malaysia remains hopeful of reaching a fair resolution with the United States before the planned 25% import tariff takes effect on Aug 1, with several engagements held over the past 90 days to address the issue. Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said discussions with US officials are ongoing, with Malaysia continuing high-level dialogue to safeguard its trade and economic interests. 'We remain optimistic and will continue engaging the US to ensure our concerns are heard and addressed. 'It's important to note that the tariff has not yet taken effect, and we are using this window to find a balanced resolution,' he told a press conference yesterday. Since the US first announced the tariff, Malaysia has conducted over 25 engagements with its American counterparts over the past three months. The latest rate, revised from 24% in April to 25%, is set to be imposed on all Malaysian imports starting next month. Tengku Zafrul reaffirmed Malaysia's commitment to constructive dialogue, but stressed that national interests would not take a back seat. 'Malaysia takes note of the unilateral decision and will continue our constructive dialogue on bilateral trade with the US. 'Over the 90-day pause, MITI and I engaged with US counterparts multiple times. 'We negotiated in good faith with a give-and-take approach but stood firm on matters of national interest and sovereignty. There were specific red lines that we would not compromise on.' The 'red lines' include Malaysia's right to impose a digital tax, its procurement policies and national standards involving public health, agriculture and halal certification. 'Negotiations are not just about economic give-and-take. 'Some issues touch on sovereignty and public interest. We cannot compromise on those.' Malaysia's approach, Tengku Zafrul said, was guided by pragmatism and long-term national priorities. 'Negotiating is about balance. For every commitment, we asked whether it would be worth opening certain markets if it meant preserving critical national policies.' He said Malaysia's offers had addressed nearly all of US requests on market access for both industrial and agricultural products. They include sectors such as machinery and equipment, chemicals, medical devices, electronics and electrical (E&E), aluminium, plastics, automotive, fruits, grains, dairy, meat and alcohol. The talks also involved cross-ministerial coordination, including Health, Agriculture and Communications, to align positions on food safety, labour standards, digital trade and environmental protection. On digital trade, Tengku Zafrul said Malaysia remains committed to enabling secure cross-border data flows while safeguarding its regulatory sovereignty. 'Our approach is based on non-discrimination, while defending our sovereign right to regulate in the interest of the public and for national security,' he said, adding that this aligns with World Trade Organisation principles and Malaysia's existing free trade agreements. Tengku Zafrul also confirmed that Malaysia Airlines' pledge to purchase 30 Boeing aircraft, with the option of 30 more, as well as semiconductor and technology investments, form part of a broader trade-balancing strategy with the US. 'We will continue negotiating, but we must also be ready to say no when something crosses the line,' he said adding that Malaysia's priorities have remain unchanged. 'Our goal is to secure our export market access, modernise our economy and protect Malaysian livelihoods in the long term.' On Monday, US President Donald Trump announced the 25% tariff in a letter to Prime Minister Datuk Seri Anwar Ibrahim, posted on his Truth Social platform.
The Sun
09-07-2025
- Business
- The Sun
Tengku Zafrul: US Tariff on Malaysian goods remains at 25%
KUALA LUMPUR: Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz has downplayed speculation that Malaysia could be subject to an additional 10% tariff on top of the recently announced 25% US import duty due to its association with BRICS. 'There is no such thing as 10%. Some are saying it's 10% plus 25%, but the actual figure is 25%. It's not 25 plus 10(%),' he said. His remarks come in response to recent comments by US President Donald Trump, who stated that imports from BRICS countries would soon be subject to a 10% tariff. During a Cabinet meeting in Washington on July 8, Trump said: 'Anybody that's in BRICS is getting a 10% charge pretty soon... and they won't be a member long.' The day before, Trump also posted on social media that countries aligning themselves with the 'anti-American' stance of BRICS would face the additional duty, with no exceptions. BRICS — originally comprising Brazil, Russia, India, China and South Africa — has recently expanded to include other nations such as Iran and Indonesia. Malaysia is not a full member but has participated in the bloc's activities as a partner country. Prime Minister Datuk Seri Anwar Ibrahim attended the recent BRICS summit in Rio de Janeiro, where he called for deeper trade and investment ties. When asked if Malaysia's involvement in BRICS could lead to higher US tariffs, Tengku Zafrul said the grouping had come up in earlier discussions, but noted that there had been no concrete developments thus far. Healso reaffirmed Malaysia's position of neutrality and support for multilateralism. He added that Malaysia will continue to defend its core policies, including the right to impose a digital tax and maintain its government procurement rules.
The Sun
09-07-2025
- Business
- The Sun
Tengku Zafrul: Trump's tariff deadline mirrors extension Msia was seeking
KUALA LUMPUR: Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz revealed today that Malaysia was already in the process of seeking an extension from the United States before President Donald Trump's surprise tariff announcement. 'We were actually in the midst of requesting an extension. 'There were still a few unresolved issues, and we had arranged for the relevant ministries to engage with US departments. 'The US side was also still deliberating whether to grant the extension,' Zafrul said at a press conference today. Trump's public announcement — shared via social media — abruptly set Aug 1 as the new effective date for the 25% tariff on Malaysian imports. Zafrul said the new deadline effectively serves as the extension Malaysia had sought. 'We will continue where we left off,' he added. Zafrul also noted that free trade agreements typically take far longer to conclude than the current 90-day negotiation window. 'Just to give you an idea — we've concluded 18 FTAs to date. 'The fastest one took 11 months. These things take time,' he said.
The Sun
09-07-2025
- Business
- The Sun
Tengku Zafrul, Anwar to engage US officials ahead of 25% tariff imposition
KUALA LUMPUR: Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz is set to hold a video call with his United States counterpart tomorrow, as Malaysia intensifies efforts to defuse the looming tariff dispute. Prime Minister Datuk Seri Anwar Ibrahim is also expected to meet US Senator Marco Rubio on the sidelines of an Asean-related event, as both nations step up diplomatic engagement ahead of the Aug 1 deadline. The talks come amid mounting pressure following Washington's decision to impose a 25% import tariff on Malaysian goods — an increase from the 24% announced in April. Zafrul said discussions remain ongoing at multiple levels. 'The fact that both sides are still talking is encouraging,' he said. On Monday, US President Donald Trump sent a letter to Anwar, which he later shared publicly on his Truth Social platform. In the letter, Trump pointed to Malaysia's 'tariff, non-tariff policies, and trade barriers' as justification for the hike, describing them as persistent obstacles to fair trade. Malaysia has been in negotiations with Washington since April to roll back the earlier 24% rate, with the most recent round held on June 18.
