MITI to address US’ reciprocal tariff of 25% tomorrow, post Cabinet meet

Tengku Datuk Seri Zafrul Aziz confirmed that his ministry, Ministry of Investment, Trade and Industry (MITI) will address the US’ reciprocal tariff of 25% tomorrow after the Cabinet meeting.

“MITI has already issued an official statement on the current tariff position, and a press conference will be held at 6 pm at Menara MITI on Wednesday, following the Cabinet meeting,” he said.

“In terms of figures, we did not know what to expect.

“What we knew was that July 9 was when the 24% tariffs were supposed to start.

“Now the latest is that we will be imposed with a tariff rate of 25% beginning Aug 1.

“This gives us time to continue our engagement which has not stopped.”

Tengku Zafrul said this to the Malaysian media that the Malaysian trade mission to Italy, France and Brazil which was led by Prime Minister Datuk Seri Anwar Ibrahim.

The 25% tariff on all Malaysian products is effective from Aug 1.

The percentage is one percent higher than what was announced in April.

Earlier today, MITI confirmed that it is committed to continue engaging the US for a balanced, mutually beneficial and comprehensive trade agreement.

US is Malaysia’s second-largest trading partner and largest export destination, with total trade rising nearly 30 per cent to RM324.9 billion (US$71.4 billion) in 2024.

Exports to the US reached RM198.7 billion (US$43.7 billion), while imports rose to RM126.3 billion (US$27.7 billion).