United States tariff hike will benefit Malaysia

TheStar Thu, May 16, 2024 12:00am - 1 month View Original


Malaysia Semiconductor Industry Association's Wong said Malaysia stood to benefit from the business diversion, given the country’s stronghold in the semiconductor industry.

PETALING JAYA: The US plans to raise tariffs on a wide range of Chinese imports, including semiconductors, batteries, solar cells and critical minerals will benefit Malaysia further as multinational companies look to alternative investment destinations.

In particular, the tariff rate on semiconductor imports from China will double from 25% to 50% by 2025, targeting strategic sectors such as electric vehicles (EVs), batteries, semiconductors, solar cells, medical products, steel, aluminium, critical minerals, and ship-to-shore cranes.

“This move to increase levies on targeted China products will result in Chinese companies, which are already supplying to the United States, looking at putting orders through other companies in the South-East Asia region currently serving the United States market,” Malaysia Semiconductor Industry Association president Datuk Seri Wong Siew Hai told Starbiz.

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