US tariff talks bound by NDA, details after deals inked - PM

Summary

• PM says discussions with the US on reciprocal tariffs under NDA, so he cannot reveal details.

• The secrecy surrounding deals on such topics must be protected, he adds.

• Govt mulling revision of GDP growth forecast.

PARLIAMENT | The cabinet and Parliament will be notified once any agreements with the US on its decision to impose reciprocal tariffs on Malaysian imports are signed; until then, no details can be revealed.

Prime Minister Anwar Ibrahim told the Dewan Rakyat this today, explaining that discussions on the matter between authorities from relevant parties are subject to a non-disclosure agreement (NDA).

“I am unable to announce such (negotiation) processes in detail as all talks which have been held recently, including (those initiated by) a group led by the investment, trade and industry minister, are bound by an NDA.

“(However), once (agreements) are inked, we will inform the cabinet and then Parliament,” Anwar said during his address at the special parliamentary meeting.

Noting that the NDA is in line with international practice when undertaking negotiations on issues involving strategic interests, Anwar, who is also the finance minister, said that the secrecy surrounding deals on such topics must be protected.

Government spokesperson Fahmi Fadzil previously said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz had briefed the cabinet on the ministry’s “positive” meeting with their American counterparts in Washington.

Fahmi said Zafrul had told the cabinet that while the negotiations are centred around certain sectors, more bilateral talks are needed.

The Investment, Trade and Industry Ministry had appointed its deputy secretary-general (trade) Mastura Ahmad Mustafa as Malaysia’s chief negotiator for ongoing formal tariff negotiations with the US.

GDP forecast adjustment

Anwar also told the august house that the government is considering revising the gross domestic product (GDP) growth forecast after more clarity is gained from tariff negotiations with the US.

Noting that the country might not be able to achieve the GDP growth forecast for this year, which was set between 4.5 percent and 5.5 percent during the budget, he said the Finance Ministry and Bank Negara Malaysia are looking into the impacts of the tariffs.

In April, US President Donald Trump announced higher tariffs on imports from about 60 countries, including on most Malaysian goods at a rate of 24 percent.

Subsequently, it granted a 90-day pause on the “reciprocal” tariffs for most countries to allow trade negotiations.

COMMENT | MOU 2.0 to deal with Trump's trade war

COMMENT | What can Malaysia do about Trump?

Miti deputy sec-gen made chief negotiator for US tariff talks

Announce stimulus package to help SMEs, PKR MP urges govt