Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz announced that Malaysia will discuss with the United States (US) Secretary of Commerce, Howard Lutnick, on proposed US tariffs on several industries, including semiconductors.
Tengku Zafrul stated that tariffs for the semiconductor sector and several other industries have yet to be discussed or finalized under Section 232, US Trade Expansion Act of 1962.
Currently, tariffs on semiconductors remain at zero percent, similar to several other sectors, while the sectors currently subject to tariffs are automotive, iron, steel and furniture.
He said the Deputy USTR was also in Malaysia this week, while a team from the US that arrived on Sunday was negotiating with the Malaysian side to finalize the agreement.
In addition, Malaysia and the US are expected to sign a Reciprocal Trade Agreement during the ASEAN Summit next week.
The Ministry of Investment, Trade and Industry (MITI) is currently working to finalise the agreement after it was discussed at a Cabinet meeting last week and will be brought to the next meeting.
Sectors expected to benefit from the agreement include agriculture, industry, manufacturing, as well as sectors closely related to US trade and investment.
Previous discussions with the Trump administration have reached an agreement not to discuss sensitive issues such as Bumiputera rights, government procurement and the halal sector.
Malaysia will also ensure that any concessions to the US are in line with agreements it has signed with other countries.
