PENANG leaders have once again spoken about the US tariff hikes that were expected to affect the global economy on a large scale, sparking global business uncertainties and cold tension in trade ties.
However, Chief Minister Chow Kon Yeow reiterated that it was important for Penang to stay resilient and build an ecosystem that will sustain and support the development and growth of the state’s economy.
“Following the introduction of the two measures as a response to the US tariff hikes, the Penang government is set to intensify its efforts to engage with industry leaders that have close trade ties and business connections with the United States.
“As I have mentioned before, this is to ensure we understand the situation better and be prepared to endure challenges more effectively.
“In whatever challenges we find ourselves in, there will always be an opportunity to grow, and it will enable us to also manage our economy even better.
“This is our commitment to ensure Penang continues to be a main economic driver to the nation, and through the two initiatives, we will closely monitor any form of development regarding the tariff issue with the help of the relevant ministries,” Chow said in his speech during the state DAP Hari Raya Open House at the Chang Hua Kor Moral Uplifting Society hall in Bukit Mertajam today.
On April 11, the Penang government held a roundtable with stakeholders, including state and federal agencies, as well as industry leaders.
Two initiatives were discussed to be established, and they were the ‘Penang Tariff Monitoring Taskforce’ and a ‘Trade Adaptation Toolkit’.
These two approaches will serve as a key tool to navigate the state’s trade and economic growth amidst the current US tariff hikes.
US President Donald Trump recently announced a 90-day suspension of higher tariffs on selected countries, even as the trade war with China escalates.
Malaysia was earlier subjected to a 24% reciprocal tariff.
While that hike has been paused, a flat 10% baseline tariff still applies to all countries, except China, which remains subject to the higher rate.
Meanwhile, Human Resources Minister and state DAP chairman Steven Sim Chee Keong stated that Penang as a frontline state, has the capability of diversifying its trade and investment opportunities.
“We practice an open economy policy in Malaysia, and Penang amidst the current economic uncertainties, must tap its strength and focus on domestic direct investment (DDI).
“The state’s economic growth is also driven by domestic investment and there are many opportunities in this state within that capacity,” Sim said in his speech.
Sim is also Bukit Mertajam MP.
Attended by hundreds of locals from Bukit Mertajam, the open house was not short of a feast for all as they were served a sumptuous meal and a string of performances.
Also present were National DAP advisor Lim Guan Eng, state DAP vice-chairman Zairil Khir Johari, and Penang State Speaker Datuk Law Choo Kiang.