KUALA LUMPUR (April 4): Malaysia will hold a special Cabinet meeting on the US’ reciprocal tariff later on Friday, TV3 reported, citing Prime Minister Datuk Seri Anwar Ibrahim.

Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour has been invited to the meeting, Anwar was reported as saying by TV3 on its website. An announcement would be made after the meeting, he said, stressing that national economic interests remain the priority.

“That will be discussed in detail,” he was quoted as saying by TV3. “What matters isn’t the response, but the safeguarding of the national economic interests.”

US President Donald Trump announced in an executive order a 24% tariff on goods imported from Malaysia effective April 9, in a sweeping trade policy hitting all of its trading partners. The rate of tariffs ranges from 10% to 50%.

Malaysia mainly exports electronics, palm oil and machinery to the US, its third-largest trading partner since 2015. Further, Malaysia’s major trading partners such as China and the European Union have all been slapped with steep US tariffs.

The Ministry of Investment, Trade and Industry said on Thursday that Malaysia will negotiate with the US, rather than retaliate against the tariff.

The official government forecast calls for gross domestic product growth of between 4.5% and 5.5% for 2025. BNM recently flagged intensifying external headwinds with international trade tensions, but nevertheless maintained the growth forecast.