Malaysia will press ahead with talks towards a “comprehensive” trade agreement with the United States, its trade ministry has said, as Kuala Lumpur races to soften the blow of a newly imposed 25 per cent tariff on its exports unveiled by US President Donald Trump.
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On Monday, Trump revealed he had sent letters to leaders of 14 countries announcing tariffs ranging from 25 to 40 per cent, in an apparent gambit to accelerate trade negotiations.
The new 25 per cent tariff on Malaysian goods is one percentage point higher than the rate first outlined by the mercurial US leader when he first revealed his “Liberation Day” levies on April 2.
In a statement on Tuesday, Malaysia’s Ministry of Investment, Trade and Industry (MITI) said the country was committed to “continued engagement with the US towards a balanced, mutually beneficial and comprehensive trade agreement”.
“Specifically, MITI will continue discussions with its US counterparts in good faith to address outstanding issues, clarify the scope and impact of the announced tariffs, and pursue avenues for the timely conclusion of our negotiations,” it said.
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In his letter to Malaysia’s Prime Minister Anwar Ibrahim, Trump said the tariffs were necessary “to correct the many years” of trade policies and barriers that had led to “unsustainable trade deficits against the United States”.