Malaysia holds special parliamentary session on US tariffs

Malaysia’s parliament held a special session on Monday to discuss the impact of tariffs imposed by the United States, as the government considers potential economic repercussions and policy responses.

According to state-run Bernama News Agency, Prime Minister Anwar Ibrahim stated that while the US’ reciprocal tariffs present a challenge, Malaysia’s strong economic fundamentals and resilient domestic market position the country to manage external pressures.

“We remain confident in our economic direction and are committed to navigating global uncertainties without compromising national interest,” Anwar said during the session.

The US has imposed a 24% tariff on Malaysian exports, although a 90-day window has been granted to negotiate a possible trade deal with Washington.

Anwar acknowledged that the tariffs may impact Malaysia’s economic performance, noting that the country is unlikely to achieve its earlier projected GDP growth of 4.5–5.5% for the year.

He added that Malaysia aims to address trade-related challenges pragmatically, while preserving stable relations with all global partners, including the US — one of Malaysia’s key export destinations and a major source of foreign investment.

As the current chair of ASEAN, Malaysia is set to host the 46th ASEAN Summit in Kuala Lumpur at the end of May, where the issue of tariffs and broader trade policies is expected to feature prominently.

On Sunday, ASEAN finance ministers and central bank governors — along with officials from Japan, China, and South Korea — expressed concern over the potential global impact of rising protectionist measures, following recent tariff announcements by the US.

Last month, the US introduced wide-ranging import tariffs affecting both allies and competitors. ASEAN member states, including Vietnam, Indonesia, and Thailand, have also been subject to substantial levies under the updated policy framework.

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