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The Malaysian Minister of International Trade and Industry stated that he and the US Trade Representative have agreed to work towards a trade agreement during Trump's visit, and that both leaders have authorized their respective teams to do their utmost to complete the negotiations.
The ASEAN Summit is scheduled to be held in Kuala Lumpur from October 26 to 28, with Malaysia holding the ASEAN chair this year. X52Q steel, The meeting this week, attended by the US Trade Representative, is the first high-level gathering between the US and the ASEAN since the implementation of so-called reciprocal tariffs in August.
It is understood that the White House has already imposed a 19% tariff on Malaysian goods, and the two sides are still negotiating on certain goods that Malaysia believes should be exempt from tariffs, such as agricultural products or commodities that the United States cannot produce. Trump is also considering imposing tariffs on semiconductors.
To reduce its trade deficit, Malaysia has pledged more than 240 billion ringgit (US$101 billion) in purchases and investments in the United States. X52Q steel, According to data from the Office of the United States Trade Representative, the U.S. trade deficit with Malaysia was US$24.8 billion last year.
Currently, Malaysia is already feeling the pressure from tariffs, with August export growth falling short of expectations and shipments to the US declining by 16.7% year-on-year. Last month, the Central Bank of Malaysia warned that exports would continue to slow for the remainder of 2025, and in July lowered its full-year growth forecast from a high of 5.5% to a range of 4%-4.8%, X52Q steel.
