The investment, trade and industry ministry will consider introducing a special incentive package for businesses affected by US tariffs following the outcome of ongoing negotiations with Washington.
Minister Tengku Zafrul Aziz said the government would focus on reciprocal negotiations with the US starting today, with the main objective of ensuring that no tariffs are imposed on the country, particularly in key sectors.
“We may give it until July because, for now, we are focusing on discussions with the US. Whatever the outcome (from the meeting), we will then know the impact.
“At this moment, we know the basic tariff imposed on Malaysia is 10%, but at the same time, there are sectors that are not subject to tariffs.
“So once we know (after the negotiations end) who is affected, which companies are affected, and which parts of the supply chain are affected, that’s when we can make a decision,” he said at his ministry’s Q1 2025 performance media briefing.
Yesterday, Prime Minister Anwar Ibrahim announced that the government would allocate an additional RM50 million to the Malaysia External Trade Development Corporation to expedite efforts to explore new markets.
Anwar also said the government had agreed to raise the guarantee allocation under Syarikat Jaminan Pembiayaan Perniagaan Bhd by RM1 billion to help SMEs affected by the tariff announcement secure loans from commercial banks.
