PETALING JAYA: The Cabinet will discuss in its meeting today issues and relevant matters relating to the 25% tariff imposed by the United States.
Revealing this, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said Malaysia was not the only country hit with the tariff.
“We have to adjust and be agile on this,” he said after attending the inaugural Malaysian Palm Oil Council Trade Networking Visit dialogue here yesterday, Bernama reported.
He said the US’ move to impose a higher tariff on Malaysia meant that American importers of Malaysian palm oil products will have to bear the extra cost.
He said Malaysia exports palm oil-based products such as oleochemicals to the United States, along with other key commodities including rubber gloves, timber, furniture and cocoa products.
Johari said Malaysia’s commodity exports to the United States amounted to only RM20bil out of the total annual commodity exports worth RM186bil.
He said as there were no alternatives to some of the commodity products exported, it is “all right” if a tariff is imposed.