PENANG will seek feedback from industry players before meeting the Finance and the International Trade and Industry Ministries over the US tariffs imposition.
The United States (US) sent shockwaves across the globe after the country made its much-awaited announcement on tariffs last Thursday, said Chief Minister Chow Kon Yeow.
Penang is the leading semiconductor hub in the region where the bulk of its exports are destined for the US tech firms, although there are reports that electrical and electronic chips may be exempted.
Malaysia, which enjoys close trade ties with the US, will be hit with a 24% tariff while a baseline of 10% will apply to all goods entering the US effective April 5, while the higher duties will start April 9.
It is part of US President Donald J. Trump’s sweeping wave of trade measures, which critics described as anti-globalisation and anti-free trade.
Chow said that he would convene a roundtable with industry players to further discuss this debatable tariff issue.
The roundtable, which is spearheaded by Penang Institute this Friday, will see industry captains exchange views and opinions on the tariff announcement and its implications on Penang’s growing industrial base.
Chow will chair the session.
“We are still in the early stages after the announcement was made by President Trump last week, and many parties have given their views and opinions about this issue, including Prime Minister Datuk Seri Anwar Ibrahim. They have all urged us to be patient and to better understand the situation and its impact on our country."
Chow said that the list of products that are expected to be imposed with the tariff is long, and certain quarters are even seeing the positive impacts when it takes effect later.
Some experts have voiced out that compared to our neighbouring countries, such as Thailand Vietnam, and Indonesia, the percentage in Malaysia was rather low.
Chow said this in his speech after attending the Hari Raya Adil Fitri open-house, which was organised by the Jawi state constituency office in Prai.
He also hopes that US would accord room for negotiation on the tariffs.
Some quarters suggested that the E & E subsector of the manufacturing sector may be spared if there are US-owned manufacturers but Penang will still reel from the secondary areas of exports, especially digital products made by other countries. - April 6, 2025.
