Malaysia open to trade deal with US to ease tariff dispute

KUALA LUMPUR, April 25 (KUNA) -- Malaysia expressed, Friday, its openness to negotiate a bilateral trade agreement with the United States to resolve tensions stemming from mutual tariffs imposed under US President Donald Trump.
In a statement, the Ministry of Investment, Trade and Industry said Minister Zafrul Abdul Aziz discussed four key areas of bilateral trade cooperation during meetings held late Thursday in Washington with US Secretary of Commerce Howard Lutnick and Trade Representative Jamieson Greer.
The discussions focused on reducing the US trade deficit with Malaysia, addressing non-tariff barriers, strengthening technological safeguards and security as well as exploring a potential bilateral trade agreement, it added.
Describing the talks as "a step in the right direction," Minister Zafrul reaffirmed Malaysia's commitment to pursuing the issues raised, expressing hope for an amicable solution to the ongoing tariff dispute.
Malaysia welcomed Washington's decision to suspend the proposed tariffs for 90 days, calling it "an opportunity for constructive dialogue," and confirmed it had no intention of retaliating, instead favoring reaching agreeable solutions for both.
The statement highlighted the longstanding US-Malaysia economic partnership, particularly in the electrical and electronics manufacturing sector where US firms play a key role.
The meeting also touched on enhancing US cooperation with the Association of Southeast Asian Nations (ASEAN) member states, currently chaired by Malaysia.
Earlier this month, the US announced a 24 percent reciprocal tariff on Malaysian imports, then Trump announced 90-day pause on these tariffs.
Bilateral trade between Malaysia and the US totaled USD 80.24 billion, including USD 27.70 billion in US exports to Malaysia and USD 52.53 billion in Malaysian exports to the US, resulting in a USD 24.83 billion US trade deficit. (end) ayb.sar