US may exempt Malaysian cocoa and palm oil from duties
The United States has agreed to consider tariff exemptions for key Malaysian products, including palm oil and cocoa. The decision is expected in October and could be crucial to keeping Malaysian exporters competitive in the US market, state news agency Bernama reported.
Washington is ready to set zero tariffs on products not manufactured in the US, said chief tariff negotiator Mastura Ahmad Mustafa. In addition to palm oil and cocoa, Malaysia is also seeking exemptions for furniture, auto parts and aircraft components. The talks come ahead of a possible visit by US President Donald Trump.
The initiative is being considered in the context of new US tariff measures that will take effect on October 1. In particular, the Trump administration plans to impose a 100% duty on pharmaceutical products without local production in America. This is a particularly important issue for Malaysia, which exports palm oil to the US worth RM4.9 billion and cocoa products worth RM1.6 billion. Providing concessions could prevent significant losses and set a precedent for other Asian countries, as Indonesia recently did.
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