Latest news with #ZafrulAziz
Yahoo
5 days ago
- Business
- Yahoo
Malaysia Seeks Less than 20% Tariff Ahead of Call With Trump
(Bloomberg) -- Malaysia is seeking to lower US tariffs threatened by President Donald Trump to less than 20% and is optimistic of reaching a deal ahead of the Aug. 1 deadline, according to Investment, Trade and Industry Minister Zafrul Aziz. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Prime Minister Anwar Ibrahim will speak with Trump 'when we complete the negotiations,' Zafrul told Bloomberg News. The US president has threatened a 25% levy — separate from sectoral tariffs — unless the Southeast Asian nation reaches an agreement with his administration. 'The direction is to get to as low as possible,' Zafrul told reporters. 'I think we can get to a number which we feel is fair for both parties.' Malaysia isn't ready to close negotiations yet as it is still finalizing details with the US, Zafrul said. The government is seeking to lower tariffs to about 20%, but is reluctant to meet certain demands around electric vehicles and foreign ownership, Bloomberg reported this week, citing people familiar with the matter. So far, Malaysia has made progress addressing US concerns over the smuggling of high-performance semiconductors, but has resisted Washington's demands for an extension of tax breaks on American electric vehicles, a reduction of foreign shareholding limits in the politically-sensitive power and financial sectors, and a cut in subsidies for local fisherman — a major vote bank, the people said. The world's largest economy ran a goods trade deficit with Malaysia of $24.8 billion last year, according to data from the Office of the US Trade Representative. The US was also the biggest foreign investor in the country in 2024. The threat of steeper tariffs has weighed on Malaysia's trade-reliant economy. The nation's central bank cut interest rates this month by a quarter point to preemptively support the economy, warning that 'the balance of risks to the growth outlook remains tilted to the downside.' Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
South China Morning Post
5 days ago
- Business
- South China Morning Post
Malaysia optimistic of cutting Trump's 25% tariff threat to under 20%
Malaysia is seeking to lower US tariffs threatened by President Donald Trump to less than 20 per cent and is optimistic of reaching a deal ahead of the August 1 deadline, according to Investment, Trade and Industry Minister Zafrul Aziz. Prime Minister Anwar Ibrahim will speak with Trump 'when we complete the negotiations,' Zafrul told Bloomberg . The US president has threatened a 25 per cent levy – separate from sectoral tariffs – unless the Southeast Asian nation reaches an agreement with his administration. 'The direction is to get to as low as possible,' Zafrul told reporters. 'I think we can get to a number which we feel is fair for both parties.' Malaysia isn't ready to close negotiations yet as it is still finalising details with the US, Zafrul said. The government is seeking to lower tariffs to about 20 per cent, but is reluctant to meet certain demands around electric vehicles and foreign ownership, Bloomberg reported this week, citing people familiar with the matter.
Bloomberg
5 days ago
- Business
- Bloomberg
Malaysia Seeks Less than 20% Tariff in Trade Talks With US
Malaysia is seeking to lower US tariffs threatened by President Donald Trump to less than 20% and is optimistic of reaching a deal ahead of the Aug. 1 deadline, according to Investment, Trade and Industry Minister Zafrul Aziz. Trump has threatened a 25% levy — separate from sectoral tariffs — unless the Southeast Asian nation reaches an agreement with his administration.
Business Times
15-07-2025
- Business
- Business Times
Malaysia's trade growth target achievable despite US tariffs: minister
[KUALA LUMPUR] Malaysia remains on track to reach its trade growth target for the year even as it expects the pace of expansion to moderate in the second half, according to Investment, Trade and Industry Minister Zafrul Aziz. Trade growth of about 4 per cent to 5 per cent in 2025 is 'still achievable,' Zafrul said at a briefing in Kuala Lumpur on Tuesday (Jul 15). The ministry has observed front-loading activity and expects this to continue given the Aug 1 deadline for US levies to kick in, he said. Exports in May contracted for the first time since September 2024, signalling a rocky road ahead for Malaysia as it contends with steeper tariffs. The trade-reliant nation was threatened with a 25 per cent levy from the US, higher than the initial 24 per cent announced in April, and officials are racing to negotiate with Washington to bring it down further before Aug 1. The US wanted equity restrictions lifted on all of Malaysian industries, Zafrul said. The ministry is meeting with stakeholders on this to check if the country is ready to liberalise its sectors, he said. BLOOMBERG
Business Times
15-07-2025
- Business
- Business Times
Malaysia says trade growth target achievable despite US tariffs
[KUALA LUMPUR] Malaysia remains on track to reach its trade growth target for the year even as it expects the pace of expansion to moderate in the second half, according to Investment, Trade and Industry Minister Zafrul Aziz. Trade growth of about 4 per cent to 5 per cent in 2025 is 'still achievable,' Zafrul said at a briefing in Kuala Lumpur on Tuesday (Jul 15). The ministry has observed front-loading activity and expects this to continue given the Aug 1 deadline for US levies to kick in, he said. Exports in May contracted for the first time since September 2024, signalling a rocky road ahead for Malaysia as it contends with steeper tariffs. The trade-reliant nation was threatened with a 25 per cent levy from the US, higher than the initial 24 per cent announced in April, and officials are racing to negotiate with Washington to bring it down further before Aug 1. The US wanted equity restrictions lifted on all of Malaysian industries, Zafrul said. The ministry is meeting with stakeholders on this to check if the country is ready to liberalise its sectors, he said. BLOOMBERG
