Asean, US Treasury discuss impact of new tariffs at closed-door finance meeting in KL

KUALA LUMPUR, April 8 — Senior officials from Asean member states and the United States Department of the Treasury (UST) held discussions on tariffs during the US Treasury-Asean Finance and Central Bank Deputies Meeting (AFCDM) on Monday.

The UST was represented by its Deputy Assistant Secretary for Asia, Robert Kaproth, at the closed-door session, according to a report published in The Star today.

“The UST shared its policy outlook and also discussed the effects of the new tariffs announcement to Asean,” Malaysia’s Finance Ministry said in a post on X.

The meeting allowed Asean finance and central bank deputies to engage directly with the UST, although tariffs were not on the main agenda, said the ministry.

The issue gained prominence after US President Donald Trump announced retaliatory tariffs on April 3, just days before the 12th Asean Finance Ministers and Central Bank Governors Meeting began.

Malaysia chaired Monday’s sessions, which included the Asean Finance Deputies Meeting, Asean Central Bank Deputies Meeting, and a luncheon with the UST.

The day concluded with a closed-door meeting among Asean deputies and the launch of the Malaysia Open House Exhibition @ Asean 2025.

Malaysia has said it would not impose retaliatory tariffs on the US despite Washington’s recent 10 per cent tariff hike and a reciprocal tariff on Malaysian exports.

A 24 per cent tariff on goods entering the US is set to begin on April 9, under a broader trade policy aimed at nations with large trade surpluses with the US.

The new tariffs, however, do not apply to all Malaysian exports to the US.