00:00The Investment Trade and Industry Ministry says Malaysia made no compromise on its red lines in negotiating a lower reciprocal tariff on exports to the U.S.
00:11In a statement, it attributed the tariff reduction to a thorough and methodical negotiating process, adding that the 19% rate roughly tracked the rate of other countries in Southeast Asia.
00:22The U.S. previously imposed a 25% tariff on Malaysia, effective August 1st, a rate which President Donald Trump described as far less than what was needed to eliminate the country's trade deficit with Malaysia.
00:35The rate was also higher than the 24% initially imposed on certain Malaysian exports to the U.S. and placed on a 90-day pause, ending yesterday.
00:44Last month, Prime Minister Anwar Ibrahim said Malaysia would not compromise on its Bumiputra policy during tariff negotiations.
00:55Investment Trade and Industry Minister Tengpuzafrul Aziz later said that Malaysia's halal certification standards were also among the non-negotiable issues in the country's tariff negotiations with Washington.
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