Lee said the situation had created market uncertainty over the past year, adding that industries should respond only when there is more clarity.

“I think we cannot do too much for the time being. We just need to wait for the dust to settle and see what the final outcome will be, then respond properly,” he told reporters on the sidelines of an event at the FMM headquarters.

Earlier this week, Prime Minister Anwar Ibrahim said local businesses had largely been unaffected by the US tariffs, which mainly targeted American companies operating or trading within the US.

Anwar, who also serves as finance minister, said the government would continue monitoring developments regarding the trade deal and follow up on actions taken by Trump.

Malaysia and the US signed a reciprocal trade agreement when Trump visited Kuala Lumpur for the Asean summit last year. The deal maintained the 19% tariffs on Malaysian goods, but certain products enjoyed zero tariffs under aligned partner-trade lists.

The US Supreme Court ruled last week that Trump had exceeded his authority in implementing the tariffs. Trump had said he would impose global tariffs of 15% to replace the tariffs scrapped by the court, after he initially announced a 10% levy on all goods entering the US.

Separately, Lee said the strengthening of the ringgit is generally positive for Malaysia, reflecting investor confidence.

However, he cautioned that exporters could face higher costs abroad as Malaysian goods become relatively more expensive.

He said a stronger currency benefits manufacturers, particularly small and medium-sized enterprises, by lowering the cost of imported machinery, software and technology needed for upgrading operations.

“The machines that we buy are now cheaper, and even software or technology adoption from overseas costs less. This is good and timely as we want to move up the value chain,” he said.