Penang Gears Up for Trump’s Tariffs: Chow Calls for Industry Input and Patience
Penang, Malaysia’s most trade-dependent state, is launching a tariff monitoring task force and a trade adaptation toolkit to support local exporters and small businesses facing upcoming U.S. tariffs. Chief Minister Chow Kon Yeow emphasized a strategic response, stating, “We are not retreating. We are realigning, recalibrating and reaffirming our role as a key economic driver for the nation.”
“The (tariffs) are both challenges and opportunities. We must respond not with fear, but with strategy and resolve.”
Chow Kon Yeow
The task force will track trade developments and coordinate policy actions, while the toolkit will assist with tariff compliance, origin restructuring, and exploring alternative markets. Penang, which contributed 47% of Malaysia’s exports to the U.S. in 2023, faces challenges from potential market disruptions and cheaper Chinese goods.
“The U.S. tariffs, recently announced by Trump, have caused significant market volatility, with Malaysia facing a 24% tariff, though a 90-day delay was granted for some levies.
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