In a video message issued on Sunday (April 6), Prime Minister Datuk Seri Anwar Ibrahim gave an assurance to Malaysians that the country will not slip into a recession for now following the imposition of tariffs by the United States, as the country's economy remains resilient.
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NewsTranscript
00:00Assalamualaikum warahmatullahi wabarakatuh. Salam Malaysia Madani.
00:03Ladies and gentlemen and dear friends,
00:06on the 2nd of April, the President of the United States of America,
00:11Donald Trump, announced sweeping tariffs affecting its imports from almost the entire world.
00:18Malaysia is among those affected.
00:20From 5th April, every Malaysian product shipped to the United States
00:25will face at least a 10% duty.
00:28And from the 9th of April, most will face a 24% rate, with some exceptions.
00:36While some exemptions partially shield semiconductors,
00:40which is Malaysia's largest export category to the United States.
00:44Nevertheless, these new tariffs will still adversely impact many of our Malaysian industries,
00:51including textiles, furniture, rubber, and plastics.
00:56If the 24% tariff were implemented from an economic perspective,
01:05the 2025 GDP growth projection of 4.5% to 5.5% will need to be reviewed.
01:15However, for now, let me reassure you that the government does not foresee a recession.
01:22Our economy remains resilient.
01:24Our economic foundations remain strong, including our robust household spending,
01:30strong domestic investment, healthy tourism receipts,
01:34and the continued implementation of national master plans.
01:40We will, of course, be able to weather this challenge from a position of strength and preparedness.
01:47Dear friends, rest assured, the Madera government will continue to prioritize
01:53the interests of Malaysia, our people, businesses, and exporters.
02:01We are a resilient nation.
02:03We have a hard-working workforce.
02:06We are quite determined to overcome this.
02:10Inshallah.
02:13Wassalamualaikum warahmatullahi wabarakatuh.
02:17For more information, visit www.fema.gov