Latest news with #US-AseanBusinessCouncil
Bangkok Post
2 days ago
- Business
- Bangkok Post
Thai minister woos US businesses in New York
Thailand's deputy commerce minister has invited large American corporations to invest in targeted industries in Thailand. Chantawit Tantasith led a delegation from the ministry in a roundtable discussion held recently in New York City with the US-Asean Business Council and the Business Council for International Understanding. They exchanged insights and fostered collaboration between American businesses and the Thai government, with a focus on boosting investment in targeted industries. Mr Chantawit said Thailand values its economic partnership with the US. The ministry emphasised Thailand's readiness to facilitate US companies' investment in the targeted industries. These sectors include electric vehicles, agriculture and future food, medical equipment, clean energy, advanced electronics and digital industry, all of which align with the United States' potential. He said such investments would enhance opportunities for Thai micro, small and medium enterprises, allowing them to better integrate into the global supply chain. 'The discussions were productive and the American companies recognise the investment potential in Thailand,' he said. Executives from four large US companies in the information technology, financial services and health and life sciences sectors attended the meeting. Mr Chantawit said foreign companies want predictability in the government's rules and regulations, and they inquired about the details related to their businesses. From now on, he said, Thailand's commercial attaches will actively promote relevant regulations to foreign investors to ensure that Thailand welcomes their investments. Meanwhile, Thailand needs to review and update existing regulations to better align with the current situation, he noted. Regarding the tariff negotiations with the US, Mr Chantawit said they had shown progress and would likely yield clarity in the foreseeable future. During the US trip, Mr Chantawit and a delegation from the Ministry of Commerce also had discussions with Nipa Kim, senior global sourcing manager of Clark Associates Inc in New York on Sunday.
New Straits Times
10-07-2025
- Business
- New Straits Times
US private sector committed to Malaysia, Asean despite trade tensions
KUALA LUMPUR: The United States private sector remains committed to investing in Malaysia and Asean, despite persistent trade tensions and tariff uncertainties. Tina Jamaluddin, chief country representative for Malaysia at the US-Asean Business Council (US-ABC), said the country gained nearly RM9.9 billion in approved investments from the US. She said despite all the noise coming out of the US and the tariffs, private sector commitment to Malaysia and Asean remains unchanged. "As far as the tariffs are concerned, we are not seeing any of our member companies saying that they're going to leave Malaysia or they're going to leave Asean. They're still very committed to being with us," she added. She said this to the media following the launch of the landmark white paper titled "Driving Asean Unity: Malaysia's Vision for 2025", a collaborative initiative led by Social and Economic Research Initiative (SERI) and the US-ABC. Tina further stressed the importance of inclusivity as Asean works towards finalising the Digital Economic Framework Agreement, which Malaysia hopes to conclude by the end of this year. "There are 10 individual countries in Asean, each at different levels of development. It's challenging to get everyone on the same page, but that shouldn't stop progress. "The key is to set a minimum standard and include everyone, including countries like Laos, Myanmar and Cambodia, in the process," she added. Meanwhile, SERI managing director Rashaad Ali said Malaysia will forever remain of strategic interest to the US. "Malaysia, for decades, has successfully positioned itself as a middle power in the region, balancing influence from both the US and China," he said. He added that successive Malaysian administrations, current and past, have shown a steady hand in managing geopolitical shifts, including those brought about by changing US policies. Rashaad said cooperation is no longer optional in a fast-evolving digital and energy landscape. "Whether it's energy transition or increased digitalisation, isolation is not an option. "For example, to power data centres and build digital infrastructure, a shared regional power grid is essential. "It's not going to be easy, but collaboration is the only way forward," he added.
The Star
11-06-2025
- Business
- The Star
Tengku Zafrul to visit Washington on June 18 for tariff talks
KUALA LUMPUR: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will travel to Washington DC, United States, on June 18 to resume negotiations over tariffs imposed on Malaysian goods. Tengku Zafrul said he had briefed the cabinet earlier on Wednesday (June 11) on the upcoming visit. "I will be going to the United States next week and we will continue in-person negotiations. Previously, discussions were held online. I will meet with the US Trade Representative in Washington next week," he told reporters after witnessing the signing ceremony of the DayOne Syndicated Financing and Corporate Renewable Energy Supply Scheme. He added that he is scheduled to meet US Trade Representative Jamieson Greer, as well as other officials from the US administration and investors. Tengku Zafrul will also take the opportunity to engage with several business chambers, companies, and interest groups, including the American Malaysian Chamber of Commerce and the US-Asean Business Council. Earlier, on April 24, Tengku Zafrul led a high-level delegation to Washington, where he held talks with US Commerce Secretary Howard Lutnick and Greer. During that meeting, Tengku Zafrul stressed the importance of sustained engagement and reiterated Malaysia's commitment to finding constructive solutions to the concerns raised by the United States. Malaysia has expressed its readiness to negotiate in four key areas: narrowing the trade deficit, addressing non-tariff barriers, strengthening technology protection and security and exploring the potential for a bilateral trade agreement. On April 2, US President Donald Trump announced tariff measures affecting around 60 countries, including a 24% levy on most Malaysian goods. However, the tariffs have been temporarily suspended for 90 days for most countries to allow room for trade negotiations. – Bernama
The Sun
05-06-2025
- Business
- The Sun
Malaysia must brace for future US tariffs, says US-Asean Business Council chief policy officer
KUALA LUMPUR: Malaysia must be prepared to negotiate the next wave of potential US tariffs targeting key strategic sectors and products such as semiconductors, technology products and pharmaceuticals, rather than focusing solely on negotiating reciprocal tariffs reductions currently with the United States. US-Asean Business Council (US-ABC) executive vice-president and chief policy officer Marc Mealy warned that although the 50% tariffs on aluminium and steel may not severely affect Malaysia in the near term, future tariffs imposed under US national or economic security provisions could have a direct impact on Malaysian industries that are highly integrated into global supply chains. 'Steel and aluminium are not Malaysia's primary export sectors to the US, so these new (aluminium and steel) tariffs, which come into effect today (Wednesday), may not hit Malaysia as hard as they would some other countries. 'But we should be clear, there are other tariffs coming and when we talk about semiconductors, high-tech products, pharmaceuticals, the impact on Malaysia could be significant,' he told Bernama in an interview after appearing as a guest on Bernama TV's 'The Nation' programme hosted by Jessy Chahal. Malaysia was hit with baseline and reciprocal tariffs totalling 24% on April 5, along with 168 other US trading partners, with tariffs ranging as high as 54% and a staggering 145% on China but which have now been reduced to 30%. US President Donald Trump then paused the implementation of the tariffs for 90 days, which are supposed to end on July 8, but he moved forward to impose sectoral tariffs on aluminium and steel imports into the US. In a further twist to the tariffs saga, a US Federal Court struck down most of Trump's tariffs, ruling them illegal, but the ruling has now been temporarily halted following an appeal by the Trump administration. Mealy noted that under US law, additional tariffs could be imposed unilaterally by invoking national or economic security reasons, citing Section 232 of the US Trade Expansion Act, which opens the door for Washington to target sectors beyond those currently under reciprocal tariff negotiations. 'In the semiconductor space, Malaysia is globally competitive and that puts it directly in the line of sight for possible future US tariffs. 'So, when Malaysian officials, like Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, go to the US, I would expect them to raise this issue and start negotiating for exclusions or carve-outs in these areas,' he added. The same concerns apply to Malaysia's medical devices and pharmaceutical exports, as these sectors could also fall under US scrutiny. 'Now is the time for Malaysia to reassess its domestic policies, particularly in key industries, and consider reforms to further strengthen investment appeal and mitigate potential fallout. Engage with the US government, but also look inward,' said Mealy. 'What changes can Malaysia make to enhance competitiveness? And as Asean Chair, Malaysia can lead the region to push for progress on initiatives like the Asean Digital Economy Framework Agreement – that will show global investors that this region is serious about future-proofing its economy.' Mealy underscored that the US private sector remains deeply committed to Asean, with many American companies continuing to expand in Malaysia, particularly in the technology and medical sectors. 'The private sector sees value in Malaysia and Asean, but trade policy changes from Washington could complicate that, unless mitigated by smart diplomacy, reform and regional cooperation.' Although Malaysia might not be severely impacted by the initial round of reciprocal tariffs – which could result in import duties of up to 24% on selected products – the real concern lies in future sectoral tariffs, that could reduce US demand for Malaysian exports. 'Even a 15 to 19% import tax can be a tipping point for an American buyer to source from another country,' Mealy said. Mealy also pointed out that while some Asean countries may not complete negotiations within the current 90-day timeframe, he did not rule out the possibility of the US extending the pause or focus on select countries for deeper discussions. 'For Malaysia, which has been strategic and measured in its approach, this may work to its advantage. But the time to prepare for the next round of trade measures is now,' he said. – Bernama
The Sun
05-06-2025
- Business
- The Sun
Malaysia must brace for fjuture US tariffs, says US-Asean Business Council chief policy officer
KUALA LUMPUR: Malaysia must be prepared to negotiate the next wave of potential US tariffs targeting key strategic sectors and products such as semiconductors, technology products and pharmaceuticals, rather than focusing solely on negotiating reciprocal tariffs reductions currently with the United States. US-Asean Business Council (US-ABC) executive vice-president and chief policy officer Marc Mealy warned that although the 50% tariffs on aluminium and steel may not severely affect Malaysia in the near term, future tariffs imposed under US national or economic security provisions could have a direct impact on Malaysian industries that are highly integrated into global supply chains. 'Steel and aluminium are not Malaysia's primary export sectors to the US, so these new (aluminium and steel) tariffs, which come into effect today (Wednesday), may not hit Malaysia as hard as they would some other countries. 'But we should be clear, there are other tariffs coming and when we talk about semiconductors, high-tech products, pharmaceuticals, the impact on Malaysia could be significant,' he told Bernama in an interview after appearing as a guest on Bernama TV's 'The Nation' programme hosted by Jessy Chahal. Malaysia was hit with baseline and reciprocal tariffs totalling 24% on April 5, along with 168 other US trading partners, with tariffs ranging as high as 54% and a staggering 145% on China but which have now been reduced to 30%. US President Donald Trump then paused the implementation of the tariffs for 90 days, which are supposed to end on July 8, but he moved forward to impose sectoral tariffs on aluminium and steel imports into the US. In a further twist to the tariffs saga, a US Federal Court struck down most of Trump's tariffs, ruling them illegal, but the ruling has now been temporarily halted following an appeal by the Trump administration. Mealy noted that under US law, additional tariffs could be imposed unilaterally by invoking national or economic security reasons, citing Section 232 of the US Trade Expansion Act, which opens the door for Washington to target sectors beyond those currently under reciprocal tariff negotiations. 'In the semiconductor space, Malaysia is globally competitive and that puts it directly in the line of sight for possible future US tariffs. 'So, when Malaysian officials, like Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, go to the US, I would expect them to raise this issue and start negotiating for exclusions or carve-outs in these areas,' he added. The same concerns apply to Malaysia's medical devices and pharmaceutical exports, as these sectors could also fall under US scrutiny. 'Now is the time for Malaysia to reassess its domestic policies, particularly in key industries, and consider reforms to further strengthen investment appeal and mitigate potential fallout. Engage with the US government, but also look inward,' said Mealy. 'What changes can Malaysia make to enhance competitiveness? And as Asean Chair, Malaysia can lead the region to push for progress on initiatives like the Asean Digital Economy Framework Agreement – that will show global investors that this region is serious about future-proofing its economy.' Mealy underscored that the US private sector remains deeply committed to Asean, with many American companies continuing to expand in Malaysia, particularly in the technology and medical sectors. 'The private sector sees value in Malaysia and Asean, but trade policy changes from Washington could complicate that, unless mitigated by smart diplomacy, reform and regional cooperation.' Although Malaysia might not be severely impacted by the initial round of reciprocal tariffs – which could result in import duties of up to 24% on selected products – the real concern lies in future sectoral tariffs, that could reduce US demand for Malaysian exports. 'Even a 15 to 19% import tax can be a tipping point for an American buyer to source from another country,' Mealy said. Mealy also pointed out that while some Asean countries may not complete negotiations within the current 90-day timeframe, he did not rule out the possibility of the US extending the pause or focus on select countries for deeper discussions. 'For Malaysia, which has been strategic and measured in its approach, this may work to its advantage. But the time to prepare for the next round of trade measures is now,' he said. – Bernama
