Malaysia secures reduction in US tariffs without harming national interests — minister

World August 04, 15:34

According to the document, tariffs on Malaysian goods have been reduced from 25% to 19%

TOKYO, August 4. /TASS/. The Malaysian authorities have secured a reduction in US customs duties without sacrificing their national interests for the sake of obtaining preferences, the Bernama news agency reported, citing the Asian country’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz.

"The United States provides Malaysia with equivalent rates because it recognizes the country's importance as a major trading partner and its ability to offer quality trade and investment commitments, even without fully opening up all sectors [of the economy]," the official said.

Earlier, US President Donald Trump signed an order imposing duties of 15% to 41% on more than 60 countries and the European Union. According to the document, tariffs on Malaysian goods have been reduced from 25% to 19%. The same rate will be applied to Indonesia, Cambodia, Thailand, and the Philippines.

Washington's reduction of tariffs demonstrated that developing countries like Malaysia can gain access to international trade without yielding to pressure and urges to fully liberalize the markets, the minister stressed. During trade negotiations with the US Malaysia managed to defend its interests, which include the protection of strategic sectors of national industry among other things, he added.

On July 8, Trump announced the introduction of additional 10% tariffs on countries supporting the "anti-American" policy of BRICS. Moreover, he sent letters to leaders of 14 countries, including Malaysia, about his intention to introduce additional tariffs from August 1.

Read more on the site →