PETALING JAYA, July 8 (Bernama) -- The United States’ (US) move to impose a higher tariff of 25 per cent on Malaysia means that American importers of Malaysian palm oil products will have to bear the extra cost, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.
He said Malaysia exports palm oil-based products such as oleochemicals to the US, along with other key commodities including rubber gloves, timber, furniture and cocoa products.
Johari also noted that Malaysia’s commodity exports to the US amount to only RM20 billion out of the total annual commodity exports worth RM186 billion.
”For palm oil, basically there is no alternative in the US because soybean cannot be converted into oleochemicals like our (palm-based) products,” he said, adding that as there are no alternatives to some of the commodity products exported, it is “all right” if a tariff is imposed.
“If the US charges us a 25 per cent tariff, ultimately it is the American people who will have to pay,” he told the media after attending the inaugural Malaysian Palm Oil Council (MPOC) Trade Networking Visit dialogue here today.
According to Johari, the Cabinet will be discussing issues and relevant matters relating to the US tariff on Wednesday.
“We are not the only country imposed with tariff. We have to adjust and be agile on this,” he added.
-- BERNAMA
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