Malaysia, an active ASEAN member, was recently noted for making a huge announcement on Trump’s recent tariff order. Trump earlier shared his stance on the BRICS payment system, adding that he will impose a 100% tariff on the bloc to curb their de-dollarization narratives. In the midst of this, Malaysia, which is vying for an active BRICS membership, made its stance known to the world, giving the speculative spree a good run, adding how the nation is keeping tabs on all the global developments.
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Malaysia’s New Stance: What’s Happening?
In a new statement, Malaysia made clear how the Trump tariff order and the president-elect’s plans to impose a 100% tariff on BRICS may disrupt the semiconductor supply chain.
It is to be noted that Malaysia is a major supplier of the semiconductor segment, accounting for 13% of the global chip and packaging domain.
The Malaysian trade minister, Tengku Zafrul, said the country is closely monitoring the developments since Trump’s new order was issued.
“As such, any move to impose a 100 percent tariff will only harm both parties. That are depending on each other for efforts to prevent disruptions in the global supply chain.”
Zafrul later mentioned how BRICS countries have discussed reducing their dependence on USD. He later clarified that official de-dollarization decisions have not yet been part of the narrative.
Furthermore, Malaysia has long been vying to avail itself of the bloc membership, which remains to be acknowledged officially.
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India Clarifies Her Stance on BRICS Currency, Mirrors Malaysian Stance on De-Dollarization
The nation, as one of the core members of the BRICS bloc, clarified that India is not working towards launching a new BRICS currency.
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“India has never been for de-dollarization. Right now there is no proposal to have a BRICS currency.“ India’s Jaishankar clarified in the Doha Forum, Qatar.