PM Anwar Calls For More Domestic Consumption To Mitigate Impact Of US Tariffs

SHAH ALAM, May 5 (Bernama) -- The government is committed to safeguarding the country’s economy through a pragmatic approach, such as boosting domestic consumption, to navigate US tariff uncertainties.

Prime Minister Datuk Seri Anwar Ibrahim, also the finance minister, said one of the measures taken to mitigate the US tariff impact has been to direct public sector buildings to source their materials locally.

"US President Donald Trump said no solar (energy products) to be exported to the United States because there are Chinese companies based here, but there are other countries (to sell them to); (also) our instruction is that all schools, universities, hospitals use Malaysian made solar panels, so that we can partly mitigate a potential problem we may face," he said during the “Temu Anwar IPTS” dialogue session at the Management and Science University (MSU ) here today.

Anwar said the government will also protect the semiconductor industry through strategic partnerships and explore more markets globally.  "We have been travelling to open up new markets other than India, China, Korea and Japan. We are increasing trade within ASEAN and other countries, for example, Egypt. We are also currently fast-tracking the (free trade) agreement with the European Union (EU)," he added. 

Earlier today, the prime minister, during a Special Parliamentary Meeting in the Dewan Rakyat on US tariffs, expressed confidence that Malaysia’s strong economic fundamentals will enable the country to navigate global uncertainties caused by US tariffs. He stressed that structural reforms introduced under the MADANI Economy framework will strengthen the country's ability to withstand global economic challenges and stay prepared for future uncertainties.

-- BERNAMA