THE planned tariffs under United States (US) President-elect Donald Trump’s policy are likely to affect Malaysia’s economy, says Air Putih assemblyman Lim Guan Eng.
Lim said Trump had strongly indicated his administration’s intent to impose new tariffs on imported goods.
“The planned tariffs, ranging between 35% and 60%, will particularly target imports from China. As China has been our largest trading partner for the past 15 years, Malaysia will feel the impact if China’s economy is impacted.
“The Federal Government must closely monitor the situation and be prepated to recalibrate certain tax measures and targeted subsidy mechanism for RON95 fuel if necessary.
“The people’s living cost must be taken into consideration should any impact arises,” he said at a press conference at his service centre in Air Putih today.
Lim, who is also Bagan MP, shared insights from a response received from the Foreign Minister during the Parliament sitting on Dec 9.
According to the reply, China has been the country’s largest trading partner since 2009. Last year, the trade volume between the two countries reached RM450.84 billion.
This year, from January to September, the trade volume rose to RM355.16 billion from RM325.83 billion during the same period last year.
Lim added that these figures underscore China’s vital role as the country’s largest foreign investor, and its significance to Malaysia’s economy.
Earlier, Lim presented RM2,000 to Persatuan Penganut Dewa Hean Hong San Ayer Itam and RM3,000 to Pertubuhan Penganut Dewa Lean Cheng Keong.
Story by Edmund Lee
Pix by Adleena Rahayu Ahmad Radzi