Minister Johari Ghani stresses the importance of diversifying Malaysia’s export markets following the tariff announcement by US president Donald Trump.
00:00Plantation and Commodities Minister Johari Ghani says the Cabinet will discuss the 25% tariff imposed by the U.S. on Malaysian products tomorrow.
00:10The tariff, effective August 1, was announced by U.S. President Donald Trump yesterday and will apply to all Malaysian exports, separate from other sector-specific duties.
00:21Malaysia previously faced a 24% tariff on certain exports to the U.S. until the Trump administration imposed a 90-day pause on the rate.
00:31Johari also played down concerns that Malaysia's involvement in the BRICS group of developing nations would lead to further U.S. tariffs, stressing the importance of diversifying Malaysia's export markets.
00:43In a letter addressed to Prime Minister Anwar Ibrahim, Trump said Malaysia's current trade policies had made its trading relationship with the U.S. largely one-sided and non-reciprocal.
00:54While Trump said he was ready to lower the 25% tariff if Malaysia changed its trade policies, he warned that any decision to raise tariffs on U.S. goods would result in an additional 25% tariff.