In a press conference today, Tengku Zafrul said Malaysia did not agree with the basis for the US’s 47% figure and was seeking clarification on its methodology.
“This inaccurate basis for calculation has led to Malaysia being subjected to a retaliatory tariff of 24%,” he said.
Tengku Zafrul also said Malaysia remained committed to a diplomatic path forward.
“We are fully committed to securing a favourable resolution that preserves market access, attracts continued foreign investment, and supports the well-being of Malaysian workers and businesses.
“On that note, Malaysia will not take any retaliatory action for now,” he said.
He said the government would review its 2025 GDP growth projection of 4.5-5.5%, based on a more comprehensive impact assessment. He said while growth was still expected, it might come at a slower pace.
Tengku Zafrul said to address the impact of these tariffs, the government had activated the National Geoeconomic Command Centre (NGCC).
“The ministry is currently conducting a sectoral impact study on key export sectors to the US. The findings will be presented to the NGCC, which is scheduled to meet soon.
“Prime Minister Anwar Ibrahim has agreed to convene a second NGCC meeting next Monday,” he said.
He also said he would chair a special Asean economic ministers’ meeting on April 10 to address the broader implications of the US tariff measures.
“The meeting will cover regional trade and investment flows, macroeconomic stability, and Asean’s coordinated response.
“A subsequent Asean leaders’ meeting will discuss collective steps to mitigate potential disruptions to regional trade, supply chains, and cross-border investments,” he said.
Tengku Zafrul said several stakeholders believed it was still too early to fully assess the impact of the tariff ahead of its implementation on April 9.
“However, some investors have expressed concern about the implications for their supply chains, particularly in the contract manufacturing space,” he said.
Selangor’s response
Separately, Selangor menteri besar Amirudin Shari said he would hold discussions with experts next week on the steps needed to weather the 24% reciprocal tariff slapped by the Trump administration.
He said Malaysia and Selangor still “have room” to manoeuvre as one of the country’s most important exports – semiconductor products – are exempted from the new tariff.
However, he said the high tariff might still negatively impact small and medium enterprises.
“So next week, I will have discussions with experts to take follow-up steps on behalf of the state government to deal with the impact of the tariff,” he told reporters after a press conference at the state assembly building today.