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Malaysia Closely Monitoring Situation Over Trump's Comments On BRICS

Business Today ·  Dec 5 11:46
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In the latest Parliamentary session on Dec 5, 2024, MP Bentong Young Syefura Binti Othman raised concerns over a recent threat from US President Donald Trump to impose a 100% tariff on BRICS nations, which are considering the use of a new currency to replace the US Dollar.

Minister of Investment, Trade and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz responded by emphasising Malaysia's status as a partner of BRICS, but not yet an official member. He stated that while BRICS has discussed reducing reliance on traditional currencies like the US Dollar, no formal proposal has been made for de-dollarisation.

Tengku Zafrul further highlighted the strong economic and trade ties between Malaysia and the US, particularly in the semiconductor supply chain, with the US being Malaysia's third-largest trading partner in 2023. He cautioned that any tariffs could harm both economies, disrupting global supply chains.

He stressed the need for Malaysia to monitor developments within BRICS carefully and ensure any future decisions regarding currency use in trade and investment align with Malaysia's national interests.

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