Premier Anwar Ibrahim says his country unlikely to meet projected GDP growth for this year due to US tariffs
Malaysia's parliament on Monday discussed US President Donald Trump's tariffs imposed on the country, with Malaysian Prime Minister Anwar Ibrahim vowing that his country's strong economic fundamentals will help them navigate the global uncertainties, according to state-run media.
Speaking at the special session of parliament, Anwar said his government is taking the US' imposition of reciprocal tariffs seriously, Bernama News reported.
"With a resilient domestic economy and strong confidence, we are not easily swayed by external pressures or overwhelmed by global challenges," he said.
The Trump administration has imposed a 24% tariff on Malaysian exports but has been given a 90-day reprieve to reach a trade deal with Washington.
"Given the importance of the US as Malaysia's export destination and its largest source of foreign investments, the government believes that any challenges to trade relations must be addressed pragmatically and based on national interest, while maintaining good ties with all of Malaysia's trading partners," Anwar noted.
He added that due to the US tariffs, his country is unlikely to meet the projected 4.5-5.5% GDP growth forecast for this year.
Malaysia, as the current chair of ASEAN (Association of Southeast Asian Nations) chair, is hosting the bloc's 46th summit in Kuala Lumpur at the end of May, with the US tariffs expected to be a key agenda item.
On Sunday, finance ministers and central bank governors of the ASEAN plus Japan, China, and South Korea warned of the potential global economic fallout from protectionist trade policies following an announcement by Trump of higher import tariffs.
Last month, Trump launched a wide-ranging tariff regime across the world, affecting allies, as well as rivals.
Later, he gave a 90-day reprieve to all nations except China, which is facing a maximum 245% tariff on some exports to the US.
ASEAN members Cambodia, Laos, and Vietnam are facing hefty US levies of 49%, 48%, and 46%, respectively, while Trump imposed reciprocal tariffs of 32% on Indonesia, 36% on Thailand, 17% on the Philippines, 10% on Singapore, 44% on Myanmar, and 24% on Brunei.
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