“The review must be conducted at all levels and involve all stakeholders,” the former prime minister said in a statement today.
Muhyiddin claimed the deal reeked of “neo-colonialist agendas” that were detrimental to the country in the long run.
Malaysia and the US signed a wide-ranging reciprocal trade deal on Sunday aimed at strengthening bilateral economic ties, expanding market access, and bolstering supply chain resilience.
Under the agreement, Malaysia has committed to providing significant preferential market access for US industrial goods exports, including chemicals, machinery and electrical equipment, metals and passenger vehicles, as well as for agricultural exports such as dairy products, poultry, and rice.
The US, meanwhile, will maintain a 19% reciprocal tariff on Malaysian goods, with certain products receiving a 0% tariff rate under a list of aligned partners.
On Monday, US ambassador to Malaysia Edgard D Kagan dismissed claims that the agreement compromises Malaysia’s sovereignty, saying it represents a “deeper and more balanced partnership” between the two countries.
Kagan said this in response to remarks by PN secretary-general Azmin Ali, who claimed the agreement undermined the country’s economic sovereignty.
Separately, the Institute for Democracy and Economic Affairs (IDEAS) said while the trade deal has been lauded for improving market access, the benefits for Malaysia appear limited.
The think tank said although Malaysia removed tariffs on US imports, it made far greater concessions in other parts of the agreement and gave the country “little reason to celebrate”.
“Malaysia removed tariffs on US imports, but there were few to begin with, with greater concessions made in other aspects of the agreement.
“The concessions have enshrined a 19% tariff rate on a substantial range of goods exports that faced no tariffs before Trump took office,” Stewart Nixon, IDEAS’s deputy director of research, said.
Nixon also warned that there was no guarantee Malaysia’s market access gains would be secure, pointing out that should a future tariff on semiconductors apply to Malaysia, it would wipe out any perceived gains from the agreement.
On Wednesday, investment, trade and industry minister Tengku Zafrul Aziz said Malaysia would have faced higher tariffs had it not signed the agreement.