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Roundup: Malaysian analysts warn unilateral U.S. tariffs harm relations, hinder trade

0 Comment(s)Print E-mail Xinhua, December 6, 2024
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KUALA LUMPUR, Dec. 6 (Xinhua) -- Unilateral U.S. tariffs on solar panel imports from four Southeast Asian nations disrupt global trade and harm U.S. relations with regional economies, Malaysian analysts have said.

It is not surprising that the United States is becoming more protectionist, Lee Pei May, a political expert at the International Islamic University Malaysia, told Xinhua in a recent interview, noting that Malaysia has already recognized this trend and taken measures accordingly.

"The actions by the U.S. are going to cause a slowdown in Malaysia's solar panel and photovoltaic sector. The Malaysian government understands that we need to diversify our trade partners and that is one of the reasons why we applied to be part of the BRICS in the first place," she said.

Lee noted the irony that the United States, which once claimed to be a leading advocate of globalization and free trade, has retreated from that stance.

She also said she believes that China will play a key role in fostering a more open and dynamic global economy, given its consistent emphasis on the importance of fair and open trade.

The United States recently announced increased tariffs on Malaysia, Cambodia, Vietnam, and Thailand, accusing Chinese solar panel manufacturers operating in these Southeast Asian countries of driving down product prices.

China's Ministry of Commerce said on Thursday that China is concerned about the United States' tendency to weaponize and politicize trade remedy investigations. Noting that the U.S. investigations showed evident "result-oriented" intentions, it urged the United States to cease its protectionist actions as soon as possible.

These U.S. actions are a sign not of strength but rather of weakness, as the United States finds itself slipping from its once-dominant position and struggles to protect its economy and industrial base, said Azmi Hassan, a senior research fellow at Nusantara Academy for Strategic Research. He added that Washington is abusing the international trade system without regard for the economic harm caused to others.

Azmi added that Malaysia, which has already sought to diversify its trade links, will accelerate its efforts while other countries will come to the same conclusions and take appropriate actions.

"Different countries may react in different ways and will be affected differently. It will be much harder for countries like Malaysia, and we have to see whether Malaysia will be able to work with other countries (that are facing increased tariffs) to approach this challenge as a bloc," he said. Enditem

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