Semiconductor, Pharma Sectors Exempt From US Tariff For Now - Tengku Zafrul
KUALA LUMPUR, Aug 1 (Bernama) -- Semiconductor and pharmaceutical exports to the United States (US) are exempt from the 19 per cent tariff for now, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Describing the outcome as a win-win result for both countries, Tengku Zafrul, however, said the United States is still studying its trade laws to determine if the zero tariff on these sectors is fair.
He said the timeline for the review is December this year. “Assume by December, but it could be earlier,” the minister told a press conference today.
The United States has imposed a 19 per cent tariff on Malaysia’s exports to the country.
“We look at this as a win-win (decision) for both Malaysia and the United States. This also reflected strong bilateral relations between the two countries,” he said.
Tengku Zafrul also revealed that following the negotiations, Malaysia will impose a zero per cent tariff on 6,911 products imported from the United States.
Of that, 191 new tariff lines are from the agriculture sector while 1,347 are from the industrial sector.
This is about 61 per cent of the total 11,260 tariff lines requested by the United States, he said.
-- BERNAMA