ASEAN, US Treasury address effects of new tariffs in closed-door finance talks in Kuala Lumpur

KUALA LUMPUR, April 8 — Senior officials from ASEAN member countries and the United States Department of the Treasury (UST) convened on Monday to discuss the implications of new tariff measures during the US Treasury-ASEAN Finance and Central Bank Deputies Meeting (AFCDM).

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

In a post on X, Malaysia’s Finance Ministry stated, “The UST shared its policy outlook and discussed the impact of the newly announced tariffs on ASEAN.”

While tariffs were not part of the formal agenda, the session provided an opportunity for ASEAN finance and central bank deputies to engage directly with the UST on the issue, the ministry added.

The discussion followed heightened attention on trade tensions after former US President Donald Trump announced a new round of retaliatory tariffs on April 3, just days before the 12th ASEAN Finance Ministers and Central Bank Governors Meeting.

Malaysia chaired Monday’s series of meetings, which included the ASEAN Finance Deputies Meeting, the ASEAN Central Bank Deputies Meeting, and a luncheon with the UST delegation.

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

Despite the US imposing a 10 per cent tariff hike and a reciprocal 24 per cent tariff set to take effect on April 9, Malaysia has clarified that it will not retaliate with similar measures. The tariffs are part of a broader US trade policy targeting countries with significant trade surpluses. However, not all Malaysian exports will be affected by the new tariffs.