The Malaysian currency is the biggest gainer after its Taiwanese counterpart this month as Trump’s tariff policy clouds the US economic outlook and saps confidence in the dollar.

Still, investment, trade and industry minister Tengku Zafrul Aziz said the ringgit’s level remains “within the band where it’s not serious”.

“The concern on tariffs does have an impact on exports, more so than fluctuations in currency, for now,” he said at a briefing on Tuesday.

“US currency volatility has increased, but exports are still going up as companies are stocking up due to a possible increase in tariffs.”

The country’s exports rose 6.8% in March from a year earlier, with outbound shipments to the US jumping 50.8%, the highest in four months.

Malaysia begins official talks with the US today to bring its tariffs on the Southeast Asian nation down to zero, from the looming 24%, he said.

Trump in April mandated a 90-day pause on higher tariffs, and imposed a 10% levy on goods from Malaysia and many other trading partners.

Leaders from Asean, the 10-member bloc which Malaysia is chairing this year, are planning a special summit with the US in Washington, Tengku Zafrul said.

Economic ministers from the regional group are also planning a meeting with China, the European Union, Japan and the US as soon as possible, he said.

Malaysia is revising down its official growth projection of 4.5% – 5.5% for 2025, with the US levies causing uncertainty for investment and trade, finance minister II Amir Hamzah Azizan said in April.