Prime Minister Datuk Seri Anwar Ibrahim criticised the US for unfair trade actions that hurt smaller economies, assuring that Malaysia's strong economy can manage the challenges.
Speaking in Parliament, he condemned the US' 10% blanket tariff and 24% tariff on Malaysian goods.
Anwar assured that despite the challenges, Malaysia's strong economy can handle the situation effectively.
Citing The History of the Peloponnesian War by Thucydides, Anwar drew a parallel between historical power imbalances and today’s trade dynamics, saying, “The strong do what they can, and the weak suffer what they must.”
The quote highlights how major powers, prioritising their own interests, adopt protectionist policies while promoting free trade for others.
Anwar criticised the US under Donald Trump for wrongly claiming Malaysia imposes a 47% tariff on US goods.
He said the real average is only 5.6%, and the 24% tariff on Malaysian exports had no valid economic basis.
Anwar said Malaysia firmly rejects the claims made by the US, and continues to engage in negotiations to resolve the dispute.
The US announced the tariffs on April 2, then delayed the country-specific ones by 90 days, but kept a 10% global tariff in place.
“These actions are clearly inconsistent with the rules and principles of the World Trade Organization, of which the US is a founding member,” Anwar said.
He said Malaysia won't stay silent when treated unfairly, but will continue to support fair trade and international cooperation.
Anwar said that although the situation is changing, Malaysia's economy is strong and can handle the challenges from the tariffs
"I would like to emphasise that we are navigating through this turmoil with a strong economic foundation, and we are confident that Malaysia is capable of managing this situation in an orderly manner," he said.
The US is Malaysia’s largest export market, with RM199 billion in exports and RM126 billion in imports in 2024, giving Malaysia a trade surplus of RM72 billion.
In terms of investment, the US is the largest foreign investor in Malaysia. From 1980 to 2024, Malaysia approved 974 US investment projects worth RM166 billion, creating over 200,000 jobs.
Source: The Edge Malaysia
Share:
<p>Time: 2024 By: Ministry of Industry and Trade</p>
