Trump had threatened to impose 100% tariffs on BRICS nations if they created a rival currency to the US dollar.

“We are not a member of BRICS. We are currently with countries that have just become partners of BRICS. But again, I think we have to watch closely what the potential developments are that may affect not just BRICS countries.

“Malaysia, like I said, is open for business. We are open for trade and we believe that we need to engage all countries,” he told a media conference after the official ceremony of the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) “enter-into-force” countdown.

Tengku Zafrul said he believed Malaysia’s participation in a multilateral trade platform was important to improve people’s livelihoods and the economy to maintain prosperity and stability.

“We believe in the multilateral platforms that exist today in many countries, one being the CPTPP. And we are glad that the UK, as one of the Group of Seven countries, is also participating in the CPTPP,” he added.

Acting British high commissioner David Wallace said that while some countries were talking about tariffs going up, the UK was trying to bring tariffs down by being a member of the CPTPP.

The UK is scheduled to enter the CPTPP on Dec 15, 2024.