Malaysia to convene special ASEAN meeting on US tariffs
The Association of Southeast Asian Nations (ASEAN) leaders will also meet to discuss the member states’ solutions to address and mitigate potential disruptions to regional trade, supply chain networks, and cross-border investments, the MITI said.
Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz (Photo: malaymail.com)
Kuala Lumpur (VNA) - In Malaysia’s capacity as ASEAN Chair for 2025, under the ASEAN Economic Community (AEC) pillar, Minister of Investment, Trade and Industry Zafrul Abdul Aziz will chair a Special ASEAN Economic Ministers’ Meeting on April 10 to discuss the US’s new reciprocal tariff imposition.
In its latest statement, the Ministry of Investment, Trade and Industry (MITI) said that the meeting will discuss the broader implications of the US tariff measures on regional trade and investment flows, macro-economic stability, and ASEAN’s coordinated response to uphold the region’s economic interests and long-standing commitment to an open, fair, and rules-based trading system.
The Association of Southeast Asian Nations (ASEAN) leaders will also meet to discuss the member states’ solutions to address and mitigate potential disruptions to regional trade, supply chain networks, and cross-border investments, the MITI said.
This is to ensure that ASEAN continues to be a stable, competitive, and attractive hub for global trade and investment.
The bloc’s Indochinese member states were the hardest hit by the tariffs, with Cambodia slapped with baseline and retaliatory tariffs totalling 49%, followed by Laos (48%), Vietnam (46%), and Myanmar (44%).
Meanwhile, Thailand was hit with tariffs of 36%,🅺 Indonesia 32%, Brunei and Malaysia both at 24%, the Philippines 17%, and🉐 Singapore, a baseline tariff of 10%./.
As Vietnam faces a reciprocal duty of 46% as part of the US new tariffs on all imports, its electronics, machinery, garment, footwear, and wood industries are likely to witness significant impacts in the short term, but this could also become an impetus for the country to pursue a more sustainable economic model, analysts said.
Vietnam will continue to coordinate and engage in discussions with the US in a constructive and cooperative spirit to find practical solutions that contribute to the stable and sustainable development of bilateral economic relations, ensuring the interests of businesses and people in both countries
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