Malaysia To Hold Discussions With The US On Sectoral Tariffs - Tengku Zafrul
By Karina Imran
KUALA LUMPUR, Oct 15 (Bernama) -- Malaysia will hold discussions with United States (US) Secretary of Commerce Howard Lutnick regarding sectoral tariffs that will be imposed by the US on specific sectors, such as semiconductors, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He told Bernama that sectoral tariffs, including those on semiconductors and other sectors, have not yet been discussed or finalised under Section 232.
“The tariff on semiconductors is currently still at zero per cent, as is the case for several other sectors. The sectors currently subject to tariffs are automotive, iron, steel, and furniture.
“I will hold discussions with Lutnick. He will also be attending the ASEAN Leaders Summit next week. Discussions with the US Trade Representative (USTR) regarding the agreement for reciprocal tariffs are ongoing,” he said.
He added that the Deputy USTR will also be visiting Malaysia this week. The US team arrived on Sunday and is currently negotiating with the Malaysian team to finalise the matter.
Earlier, Tengku Zafrul on Bernama TV’s Ruang Bicara “Empowering the Economy & Tariff Negotiation Strategy” on Tuesday hosted by Sherkawi Jirim, confirmed that Malaysia and US will sign reciprocal tarif at the ASEAN Summit next week.
"We will try to finalise it. We had a discussion at the Cabinet meeting last week and we will continue the discussion at the upcoming Cabinet meeting. What’s important is that we need to ensure this agreement will also benefit our local companies.
“I have been entrusted by the Prime Minister, together with the MITI team, to try to finalise it because the plan is for it to be signed during the ASEAN Leaders Summit. Several countries, including Malaysia, will be signing the agreement on reciprocal trade together with the US," he said.
He added that among the sectors expected to benefit from this agreement are agriculture, industrial and manufacturing and those involved in trade and investment with the US.
Tengku Zafrul also stressed that discussions with the Trump administration had reached an agreement not to touch on sensitive issues such as bumiputera rights, government procurement and matters related to the halal sector.
Malaysia also agreed on issues where both sides can find common ground, the country must ensure that whatever concessions are given to the US are consistent with those previously granted to other countries.
He said that Malaysia and ASEAN had also proposed enhancing trade and investment with the US during the ASEAN Economic Ministers meeting last month.
“We have a Trade and Investment Framework Agreement (TIFA) with the US that we intend to discuss, and that process has already begun.
“At the same time, in terms of investment and trade, there have not yet been any negative impacts on trade with the US or on investments,” he said.
-- BERNAMA