KUALA LUMPUR: Malaysia has expressed its disagreement with any moves by the United States under President Donald Trump's administration to impose tariffs on foreign competitors or allies.
In an interview with TRT World, Prime Minister Datuk Seri Anwar Ibrahim said any policy that is not conducive to free trade would not only affect the region, including Asean and Malaysia, but also the US itself.
"As a policy, notwithstanding the US position, of course, we object. Because for the last many decades, the West has been preaching about free trade.
"And now, emerging economies seem to have established themselves on a strong footing, and suddenly you want to impose these tariffs.
"I, as a matter of principle, would object to this, but then we will have to weather the storm," Anwar said.
He was asked to comment on potential trade wars and the impending tariffs to be imposed by the US under Trump's administration.
Anwar, who is also the Finance Minister, nevertheless said that Malaysia will continue to maintain excellent bilateral ties with the US and China, despite the ongoing trade war between the two global superpowers.
"The same goes for the EU. Other countries, such as Turkiye, India, and Australia, are also important.
"Broadening the base... That is why we have applied to join BRICS. We want to be an effective trading nation," he said.
Anwar also believed that uncertainties, which he described as "minor shocks" looming after Trump took office as the 47th president of the US, would soon settle down.
"Well, there is a period of uncertainty. So, we expect some 'minor turbulence' in global affairs.
"I see, from his statements, that he is very protectionist and wants to focus purely on the US.
"But I believe this will probably settle down after a few months because most of his colleagues and advisers are global corporate players who have as much interest in the US as overseas," Anwar said.
It was reported that Trump had announced his plan to impose a 10 per cent tariff on Chinese imports starting on Feb 1.
Trump was quoted as saying that the tariffs were in response to China's role in the fentanyl crisis, alleging that fentanyl was being shipped from China through Canada and Mexico into the US.
In his first appearance before global leaders at the World Economic Forum, Trump told business leaders that they should manufacture their products within the US to avoid import tariffs.
"My message to every business in the world is very simple. Come make your product in the US, and we will give you among the lowest taxes of any nation on earth," Trump said in a videoconference from Washington.
"But if you don't make your products in the US, which is your prerogative, then very simply, you will have to pay a tariff—differing amounts—which will direct hundreds of billions, even trillions, of dollars into our treasury," Trump added.