The re-election of Donald Trump as President of the United States has sparked global concern when he signed reciprocal tariffs on various countries, including traditional allies such as China, the European Union and other countries such as Malaysia.
The 'America First' policy he brought into this administration has also affected the global supply chain, pressured the country's export sector, and sparked regional trade tensions.
Malaysia was also affected when several sectors such as electronics, steel, and energy were targeted in the tariff list.
However, on 5 May 2025, the Malaysian Government held a Special Parliamentary Session that focused specifically on efforts to address this global crisis. The following are the main points of discussion during the special session:
The Leader of the Opposition, Datuk Seri Hamzah Zainuddin, presented several proposals regarding fiscal policy changes that have the potential to put pressure on costs, weaken business sentiment and burden consumers.
Among the proposals he put forward were the postponement of the RON95 price hike scheduled for June, the postponement of electricity tariffs in July, the review of the expansion of the scope of SST and the cancellation of the purchase of 30 Boeing aircraft.
Bagan Member of Parliament, Lim Guan Eng, also voiced support for the postponement of measures that could burden the people's cost of living and high government spending.
He also proposed that the implementation of e-Invoice in July 2025 be frozen, the proposed EPF contribution for foreign workers be withdrawn and the Bank Negara OPR rate be lowered to 2.00%.
Lim also urged the government to implement a stimulus package to help people who have lost their jobs, instruct the banking sector to provide loan relaxation, and oblige investors, both foreign and local, to buy at least 50% of local products.
Malaysia needs to prepare for global pressures through prudent and inclusive policies to maintain economic stability, with the welfare of the people as the top priority.
