KUALA LUMPUR: Malaysia hopes there will be no increase in tariff rates as it looks to seal a trade deal with the United States when President Donald Trump visits Kuala Lumpur on Sunday (Oct 26).
“I hope that we can conclude the trade deal between the US and Malaysia,” Foreign Minister Datuk Seri Mohamad Hasan told a press conference at the 47th Asean Summit and Related Summits on Saturday (Oct 25).
“What we are enjoying today is a 19% tariff and 0% on electrical and electronics (E&E). Sixty per cent of our exports are E&E,” he said.
“If we can maintain that, we will be very happy,” added Mohamad
In August, the US reduced its reciprocal tariff on Malaysian exports from 25% to 19%.
Bilateral negotiations have been ongoing between Malaysia and the US in relation to the tariffs.
Trump is set to arrive in Malaysia on Sunday morning in his first Asia tour as US President.
He will head to Japan on October 27 and then to South Korea to attend the APEC summit.