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Parliament Debates Trump Tariff

May 05, 2025

The government has outlined several measures to help Malaysia weather the impact of US retaliatory tariffs.  

Speaking in today's special parliamentary session, the PM says this includes efforts to strengthen existing trade partnerships and bring in new ones. 

The govt will also continue with efforts to strengthen domestic demand.  

Datuk Seri Anwar Ibrahim also announced a RM1.5 billion support package, to help shield SMEs from the impact of the tariffs.  

The Prime Minister adds that we are still in negotiations to reduce the 24% tariff, and he is hopeful that it the talks will be fruitful.  

 Also, Datuk Seri Anwar says it's too soon to say how this will impact Malaysia's economic growth for this year. 

Any revision of this year's GDP forecast will likely be made at the end of the negotiations with the US. 

Earlier, the IMF reduced its 2025 GDP growth forecast for Malaysia to 4.1%, from 4.7% previously.  

During today's special parliamentary session, MPs called for the postponement of several initiatives that could burden the people. 

Opposition leader Datuk Seri Hamzah Zainuddin says this includes the upcoming RON95 petrol subsidy rationalisation... 

He also suggested a pause for any tariff increases, while other MPs called for a delay in measures including the SST expansion.  

Hamzah also called for the setting up of a bipartisan parliamentary committee to further discuss the US tariffs.