20 hours Ago By New Straits Times
KUALA LUMPUR: The United States has imposed a 24 per cent retaliatory tariff on imports from Malaysia as part of a sweeping wave of trade measures announced by President Donald Trump. The move comes amid an escalating global trade war, affecting multiple nations, Astro Awani reported.In a statement on Wednesday, Trump unveiled unprecedented tariffs on imports from all countries engaged in trade with the US.
Among the hardest-hit nations are China, which faces a 34 per cent tariff, the European Union at 20 per cent, Vietnam at 46 per cent, Sri Lanka at 44 per cent, Cambodia at 49 per cent, Laos at 48 per cent, and Myanmar at 44 per cent."These tariffs are not fully reciprocal. I could impose full reciprocity, but that would make things very difficult for many countries.
We don't want that to happen," Trump said during the announcement.According to data compiled by Reuters, Malaysia recorded a trade deficit of US$25 billion with the US, while China's trade deficit stood at US$295 billion. A trade deficit in this context means that Malaysia exports more goods to the US than it imports.
Bilateral trade between Malaysia and the US reached RM324.9 billion in 2024, with the US being Malaysia's third-largest trading partner, accounting for 11.3 per cent of the country's total trade.
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