THE Penang government has submitted the feedback from industry players regarding the United States tariff on Malaysia to Prime Minister Datuk Seri Anwar Ibrahim and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Following President Donald Trump’s recent announcement regarding the imposition of reciprocal tariffs worldwide, industry leaders in Penang have come together to share their perspectives and concerns.
In response, Chief Minister Chow Kon Yeow has officially submitted these collective views to the Federal Government for consideration.
The US sent shockwaves across the globe after the country made this much-awaited announcement last Thursday (April 3).
Malaysia, sharing close trade ties with the US, will be hit with a 24% tariff effective April 9.
A baseline of 10% will apply to all goods entering the US effective April 5, while the higher duties will start April 9.
This is part of Trump’s sweeping wave of trade measures.
On behalf of Penang, a state that contributes tremendously to the overall nation’s economy, Chow said a roundtable has been arranged with the industry players to further discuss this debatable tariff issue.
The roundtable, which is spearheaded by Penang Institute and to take place this Friday, will see the industry captains exchange views and opinions regarding this tariff announcement and its implications on Penang’s growing industrial base.
Chow, whose portfolio covers Finance and Economic Development, will chair and lead the delegation during the session.
“We are still in the early stage after the announcement was made by Trump last week, and many parties have given their views and opinions about this issue, including our Prime Minister.
“They have all urged us to be patient and to better understand the situation and its impact on our country.
“The list of products that are expected to be imposed with the tariff is long, and certain quarters are even seeing the positive impacts when it takes effect later.
“Some experts have voiced out that compared to our neighbouring countries, such as Thailand Vietnam, and Indonesia, the percentage in Malaysia was rather low.
“They were saying that this could potentially make Malaysia an even more exciting investment destination for potential investors, but once again, we are in the early stage and there needs to be more understanding about this topic,” Chow said in his speech after attending the Hari Raya Open House organised by the Jawi state constituency office on the mainland today.
He also expressed hopes that the Federal Government would hold negotiations over the tariff issue with the US, and most importantly, to understand the build-up of the percentage to be imposed on Malaysia.
Story by Kevin Vimal
Pix by Noor Siti Nabilah Noorazis
Video by Siti Nuratikah Rahmat