PUTRAJAYA: Malaysia must improve its preparedness in facing global economic uncertainties, including the fallout from a US market crash that has resulted in trillions of dollars in losses, Prime Minister Datuk Seri Anwar Ibrahim said today.
While the country’s economic fundamentals remain strong, Anwar noted that several unexpected developments — particularly new tariffs and shifting trade dynamics with the United States — require immediate attention.
“Our export value to the US is significant. Semiconductor exports alone could reach USD100 billion, accounting for 65% of the country’s total semiconductor production,” he said at a staff meeting with the Prime Minister’s Department.
“Therefore, we must consider all possibilities. We do not want any economic policies that could harm the people, affect jobs, or jeopardise livelihoods.”
Deputy Prime Ministers Datuk Seri Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof were also present at the meeting.
Anwar added that a meeting is scheduled for Thursday, to be chaired by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The meeting will involve ASEAN counterparts to coordinate a joint response to the US tariffs.
On April 2, 2025, former US president Donald Trump announced a sweeping set of tariffs on ASEAN countries. These include a 24% base tariff on Malaysia, along with a reciprocal tariff set to take effect on April 9. Cambodia faces the highest combined rate at 49%, followed by Laos (48%), Vietnam (46%), and Myanmar (44%).
Anwar warned that the decline in the US stock market, commodities, and trade is among the most severe in recent history, with estimated losses of up to USD4 trillion. “This will certainly influence their policy decisions. We hope it can be resolved through negotiation,” he said.
He also called on the government machinery to increase efficiency, strengthen work ethics, and exercise fiscal discipline during these challenging times.
“Reports of negligence, corruption, and abuse of power still exist. Department and ministry leaders must stay vigilant. Our objective is to fortify the nation and elevate Malaysia’s global standing,” he stressed.
Also present were Ministers in the Prime Minister’s Department Datuk Seri Azalina Othman Said (Law and Institutional Reform) and Datuk Mohd Naim Mokhtar (Religious Affairs), along with Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar and Public Service Department Director-General Tan Sri Wan Ahmad Dahlan Abdul Aziz.
— BERNAMA
