KUALA LUMPUR, Aug 4 — Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said Malaysia has agreed to a series of trade concessions in response to demands from the United States (US) to safeguard the country’s export-driven economy and protect local jobs.
He explained that the United States remains Malaysia’s largest export destination, with exports reaching RM198.65 billion in 2024, and is also a major source of foreign investment, contributing RM32.82 billion to date.
“….. Any changes in US trade policy cannot be taken lightly, as they could have a negative impact on Malaysia’s economy.
“For example, it is estimated that up to 100,000 workers, particularly in Penang and Kedah, could be at risk of losing their jobs if electrical and electronic products can no longer be exported to the US due to high tariffs,” he told the Dewan Rakyat today.
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