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Malaysia’s initial meeting with US officials on tariffs went well but it’s only the first step toward forging a trade agreement, according to a top economic official from the Southeast Asian nation. "The good thing is we had our first conversation, the good thing is the conversation was received well enough,” said Second Finance Minister Datuk Seri Amir Hamzah Azizan during an event in Washington Friday. The talks with US officials, including Commerce Secretary Howard Lutnick, focused on framing the way forward and "reiterate clarity on what’s at stake,” he said.
The conversations are ongoing and Amir said he’s "hopeful” that the two parties can reach a resolution. Malaysia is seeking to avoid 24% tariffs that President Donald Trump announced earlier this month, before pausing them for 90 days. The country is among several talking to White House officials to avoid punishing levies, including neighbouring Vietnam and Thailand, which have offered to purchase jets and agricultural products.
Trump said he’s looking to wrap up trade deals in the next three to four weeks, according to a New York Times interview, a faster track than earlier expected. Malaysia is coordinating with other members of the Asean bloc on messaging and information sharing, Amir said, adding that there’s increased scope for trade and investment across the region. He also flagged that protectionist measures threaten supply chains.
"Any disruption could pose economic implications, making it crucial for Malaysia to adapt and adopt to ensure the global supply chain remains intact,” he said. Malaysia is the world’s sixth-largest semiconductor exporter and responsible for 13% of the industry’s assembly, testing and packaging, according to the Malaysia External Trade Development Corporation. - Bloomberg.
