Just about every major exporting economy was hit by U.S. President Donald Trump's "Liberation Day" tariffs in April. Malaysia was no exception, getting a 24% "reciprocal tariff" on its exports to the U.S. which, while perhaps not as catastrophic a level as some of its neighbors, still posed a significant threat to the Southeast Asian economy. Yet, Malaysia's government took a more measured response to new U.S. protectionism.