Dialogue needed to understand extent of impact of US tariffs, says Dr Wee

The Star

MCA president and Ayer Hitam MP Datuk Seri Dr Wee Ka Siong told reporters after officiating the launch of the Malaysian Business Law Review on June 20 that a dialogue among industry players is important to understand the impact of the increase in tariffs imposed by the United States on Malaysian goods into the US.  He said the Malaysian Business Law Review publication aims to provide Chinese investors with accessible, Mandarin-language insights into Malaysia’s business legal landscape.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00I think the investors before coming to Malaysia, they would like to know more about the law here

00:13and what are the requirements, what are the incentives provided by the Malaysian government.

00:20It is better that they just go through the normal process and getting the information

00:26from informal channels. So it is very straightforward and when it is written in the book, I believe

00:34that the information must be very accurate. So I welcome such effort where the investors,

00:45their doubts can be answered easily. Secondly, I think there are many challenges faced by

00:51Malaysian as well as Chinese businessmen because if they want to set up their factories here

00:58and because of the Trump's latest tariff, imposition of tariff, that really caused a bit of problems

01:11to us. When the tariff high of 24% in Malaysia and reportedly in China 245% and we are actually

01:22sandwiched in between, meaning that we are part of the supply chain. It cannot run. Some

01:28products you have to manufacture it and send it to China. Eventually it may be exported to

01:34the US. Once it is affected, that means the NE or even the US imposed very high tariff, that

01:43will also give impact to Malaysian company. That's one. And on top of that, I also say that

01:5010% of the export to US, more on the E&E sectors. So that one is also another, to us is very significant

02:01contribution when you talk about export to the US. So in this regard, any increase in the tariff

02:09imposed on Malaysia, that will bring us to adverse impact. So Malaysian, the local business need to

02:18absorb it, help to face it globally. At the same time to see the competitiveness in terms of tariff,

02:27the latest, the new tariff imposed by the President Trump. So I think it's good to have

02:34the session like this so that they all can discuss and freely, as well as to find a way out.

02:44By 9th of July, that will be the end of the three-month grace period. That will be able to know

02:55the latest impact. So meanwhile, the negotiation is in the process. We hope that we get a

03:03favourable answer and reply from the authority in the US.

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