PUTRAJAYA (April 7): Malaysia needs to improve its preparedness in facing global economic uncertainties, including the impact of the market crash in the US, which recorded losses of trillions of dollars, said Prime Minister Datuk Seri Anwar Ibrahim.

He said although the country's economic fundamentals remain strong with convincing figures, there are several unexpected developments that require immediate attention, including tariff issues and trade relations with the US.

"Our export value to the US is significant. Semiconductor exports alone may reach 100 billion dollars, which is 65% of the country’s total semiconductor production. Trade and investment relations with the US are still among the highest.

"Therefore, we must consider all possibilities because we do not want any economic policies that will eventually harm the people, affect jobs, and their livelihoods," he said during a staff meeting at the Prime Minister's Department here on Monday.

Also present were Deputy Prime Ministers Datuk Seri Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof.

Anwar also said there will be a meeting this Thursday, to be coordinated by the Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, together with Asean counterparts to draft and align their stand on the US tariff issue.

On April 2, 2025, Trump announced new tariffs that impacted Asean countries. This move directly raised import duties on several of Washington’s Southeast Asian trading partners.

Among the hardest hit were Cambodia, which faced a basic and reciprocal tariff of 49%, Laos (48%), Vietnam (46%), and Myanmar (44%).

Thailand faced a tariff of 36%, Indonesia 32%, Brunei and Malaysia at 24% each, the Philippines 17%, and Singapore at a basic tariff of 10%.

The 10% baseline tariff came into effect on April 5, 2025 and the additional "reciprocal tariff" April 9.

Commenting further, Anwar emphasised the importance of the entire government machinery to improve efficiency, strengthen work commitment, and practise savings in facing current economic challenges.

"The decline in the stock market, commodities, and trade in the US is one of the most severe in recent history.

"Reports indicate losses of up to US$4 trillion (RM17.86 trillion) in the markets. This certainly affects their decisions, and we hope it can be negotiated in a more congenial manner," he said.

Meanwhile, Anwar also reminded the leadership of public servants not to take the government’s reform agenda lightly.

"There is still negligence, leakages, corruption reports, and abuse of power. Leaders in departments and ministries need to be vigilant because our goal is to strengthen the nation and ensure that this country continues to rise in stature," he stressed.

Also present at the event were Ministers in the Prime Minister's Department Datuk Seri Azalina Othman Said (Law and Institutional Reform) and Datuk Mohd Naim Mokhtar (Religious Affairs).

Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar and Public Service Department Director General Tan Sri Wan Ahmad Dahlan Abdul Aziz were also present.

Read also:
US tariffs: Malaysia, Asean need to establish an agreement to strengthen negotiation foundation — Anwar
Anwar: Tackle issues effectively to avoid exploitation by irresponsible parties

Uploaded by Chng Shear Lane