The investment, trade and industry ministry said the severity of the US tariff measures “exceeded even our most conservative assumptions”.

It said the government also rejected the US claim that Malaysia had imposed a tariff of 47% on imports of US goods.

The ministry added that the precise impact of the US tariffs, which come into effect on April 9, would be clearer once it has more information on the implementation, rates, product coverage and the outcome of trade negotiations.

“The speed and scale of retaliatory actions by other economies will also influence the final outcome,” the ministry said in a statement today.

It said Malaysia firmly believes that the so-called “reciprocal tariffs” announced by the US “do not serve the principles of free and fair trade stipulated under the World Trade Organization”.

The ministry added that Putrajaya would continue to engage with the US to find an amicable and fair solution.

Separately, the ministry said that its minister Tengku Zafrul Aziz will chair a special Asean economic ministers’ meeting on April 10.

“The meeting is expected to discuss the broader implications of the US tariff measures on regional trade and investment flows, macroeconomic stability and Asean’s coordinated response to uphold the region’s economic interests and long-standing commitment to an open, fair and rules-based trading system,” it said.

Yesterday, the ministry said the government was not considering retaliatory measures after US president Donald Trump announced a base level of a 10% tariff on all exports to the US, with even higher levies on goods from some 60 nations.