Special cabinet meet on Trump's tariffs, measures to be announced

Prime Minister Anwar Ibrahim said he will preside over a special meeting today to discuss the US tariffs issue with the cabinet.

He will be joined by Bank Negara Malaysia governor Abdul Rasheed Ghaffour, and chairperson of the Policy Advisory Committee to the Prime Minister, Mohd Hassan Marican.

When asked about the possibility of Malaysia responding in kind to the US, Anwar said the government prioritises the nation’s economic interests in addressing this issue.

“What is important is not about retaliation. We must carefully consider all aspects, and we will announce the outcome of the meeting later today,” he added.

He also noted that the Investment, Trade, and Industry (Miti) Minister Tengku Zafrul Abdul Aziz is scheduled to hold a meeting with his Asean counterparts next Thursday to discuss the implementation of the tariff.

“Zafrul, as the Miti minister, has already contacted his counterparts and will hold a meeting next Thursday with Asean trade ministers,” Anwar said.

Discussion with Asean

Meanwhile, he emphasised that Malaysia, as the chair of Asean, will engage in discussions with several member states of the bloc.

This is to reach a collective agreement regarding the reciprocal tariff issue announced by the United States to ensure that the principle of fairness is upheld in international trade.

Anwar said he has reached out to his counterparts, including Thailand’s Paetongtarn Shinawatra and Indonesia’s President Prabowo Subianto.

Anwar, who is also the finance minister, will also hold discussions with Philippine President Ferdinand Marcos Jr and Singapore’s Prime Minister Lawrence Wong regarding the reciprocal tariff issue.

“This initiative aims to create a joint agreement among Asean member states on Malaysia’s response and to demand that the principle of fairness be applied in trade dealings between foreign countries, including Asean and the US.

“We are indeed affected, though the rates are high, they are still lower compared to some of our neighbouring countries. Therefore, we have decided to hold consultations with my counterparts,” he said to the press after Friday prayers at Prima Saujana Mosque, in Kajang, Selangor, today.

Earlier, Anwar and the congregation prayed for the victims of the gas pipeline fire incident in Putra Heights, Subang Jaya, and sought blessings for the dedication of the rescuers involved in the operation.

Trump’s tariffs

Asean member states in the Indo-China region are the most severely impacted by the new US tariffs, with Cambodia facing an initial and reciprocal tariff of 49 percent, followed by Laos (48 percent), Vietnam (46 percent), and Myanmar (44 percent).

Thailand faces a tariff of 36 percent, Indonesia 32 percent, Brunei and Malaysia both at 24 percent, the Philippines 17 percent, and Singapore at a baseline tariff of 10 percent.

According to a fact sheet from the White House dated April 2, 2025, the 10 percent tariff on all countries will come into effect on April 5, 2025, while the individualised reciprocal higher tariffs on countries with which the US has the largest trade deficits will take effect on April 9, 2025.

All other countries will continue to be subject to the original 10 percent tariff baseline, it was stated.

- Bernama

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