TRADE DEAL WITH US
While Malaysia’s furniture industry has welcomed the reciprocal tariff agreement for the business certainty it brings, Prime Minister Anwar Ibrahim’s government is facing strong opposition in parliament over the trade deal signed with US President Donald Trump during the ASEAN leaders’ summit last October.
Malaysian Investment, Trade and Industry Minister Johari Abdul Ghani told parliament on Tuesday that the government will reassess the deal to ensure Malaysia’s economic interests are protected.
“Particular focus will be given to Malaysia’s exports to the United States, worth RM233 billion (US$59 billion), as well as the estimated 648,000 jobs and livelihoods tied to the trade,” he noted.
The government’s cost-benefit analysis will take at least six months to ensure all factors and possible effects are considered, he added.
Malaysia has not received official notice or notification from the US on a timeline for ratifying the deal.
Analysts said the ringgit’s recent strength reflects both domestic and external factors, even as exporters contend with the challenges of a stronger currency and global geopolitical uncertainty.
As businesses strive to adapt and survive in a challenging global environment, exporters say much of what lies ahead remains beyond their control, particularly as there is still no easing in sight to the prolonged US-China rivalries that continue to shape global trade.
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