Malaysia Minister: US Tariffs Could Cost Malaysia 100,000 Jobs
Malaysia's Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, said on Monday that US tariffs could have a negative impact on Malaysia's economy, with as many as 100,000 people in the electronics industry possibly losing their jobs.
Tengku Zafrul Aziz previously pointed out that the tariff on Malaysian goods exported to the US had been reduced from 25% to 19%, and the US announced this move as an important achievement of its own. He also mentioned that Malaysia will purchase 26 Boeing aircraft worth a total of 19 billion US dollars under the framework of the trade agreement with the US.
The Malay Mail news website reported quoting Tengku Zafrul Aziz: "We should take any changes in US trade policies seriously, as these changes could have a negative impact on Malaysia's economy. According to the assessment, if electrical and electronic products cannot be exported to the US due to high tariffs, up to 100,000 workers in Penang and Kedah may be at risk of losing their jobs."
Tengku Zafrul Aziz pointed out that the US remains Malaysia's largest export market and source of investment. It is said that in 2024, Malaysia exported goods worth 198.65 billion Malaysian Ringgit (approximately 46.9 billion US dollars) to the US, and US investments in Malaysia amounted to 32.82 billion Malaysian Ringgit (approximately 7.74 billion US dollars).
He added, "There is a possibility that the US may impose additional tariffs based on national security considerations."
The website also quoted Tengku Zafrul Aziz, reporting that Malaysia has agreed to reduce import tariffs on US goods after negotiations, but refused to exempt sales tax and consumption tax on US agricultural and industrial products. Malaysia canceled the 6% tax it collected from US digital companies, and agreed not to impose restrictions on rare earth metals exported to the US, and strengthened monitoring of AI chips exported from the US to third countries.
Original: https://www.toutiao.com/article/1839547365882888/
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