Malaysia will not retaliate against US tariffs
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Rubio will meet Russian foreign minister in Malaysia
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US Secretary of State Marco Rubio said Thursday that Asian nations might get "better" tariff rates than the rest of the world, as he attended ASEAN talks focused on Washington's trade war.
Malaysia will continue negotiations with the US on a lower tariff rate despite being the only Southeast Asian country to face an opposite outcome based on US President Donald Trump’s latest announcement.
Malaysia's trade ministry on Tuesday said a 25% tariff rate on its exports to the United States was not on top of an existing base tariff of 10% imposed by Washington, clarifying earlier remarks by the country's plantations and commodities minister Johari Abdul Ghani.
The Malaysian Rubber Glove Manufacturers Association (Margma) is urging the government to promptly enter sectoral tariff negotiations with the United States following Washington's decision to raise import duties on rubber gloves to 25% starting from Aug 1.
The country’s electronics sector may remain relatively insulated, but other industries could be forced to adapt. Read more at straitstimes.com. Read more at straitstimes.com.
Secretary of State Marco Rubio met counterparts in Southeast Asia during his first visit to the region since taking office.
Malaysia's Prime Minister Anwar Ibrahim on Wednesday (Jul 9) slammed trade tariffs as regional foreign ministers gathered in Kuala Lumpur for a three-day meet, which also included talks with the United States,
Trump imposes tariffs up to 40% on 14 countries, pressuring allies to shift production to the US and avoid ties with BRICS. Tensions mount globally.