Thailand to Increase Imports from the US Amid Tariff Challenges
Prime Minister Paetongtarn Shinawatra announces trade delegation to address impacts of new US tariffs.
Thailand's government plans to increase imports of energy, aircraft, and agricultural products from the United States as part of a strategy to counter the newly imposed 36% tariff on Thai exports.
Prime Minister Paetongtarn Shinawatra announced these intentions alongside the formation of a working group focused on trade issues, comprising both private and public sector representatives.
Finance Minister Pichai Chunhavajira is scheduled to lead a delegation to Washington, D.C. this week.
This delegation aims to discuss trade matters with various stakeholders, emphasizing Thailand’s role as a reliable economic partner for the United States.
The prime minister’s comments follow criticism regarding the government's perceived slow response to the tariff hikes announced by US President Donald Trump, in contrast to measures taken by other ASEAN countries.
The new tariffs, which took effect on April 9, particularly impact key Thai export sectors, including electronics, processed foods, and agriculture.
The prime minister highlighted that numerous countries, similarly affected, are also engaging with the US to address this situation, but have yet to yield definitive results.
In response to these tariffs, Thailand intends to propose increased cooperation with the US across various sectors, while also requesting promotional privileges to benefit Thai investors and to ease barriers to Thai exports.
Furthermore, the Thai government expressed its commitment to combating the mislabeling of products as Thai-origin when they actually come from other nations.
Ms. Paetongtarn assured that Thailand's proposals aim to sustain bilateral relations and protect the interests of Thai businesses, including small and medium enterprises.
Measures are planned to support affected sectors both in the short and long term.
The prime minister is scheduled to meet with involved parties to discuss strategies to safeguard Thailand’s economic interests.
President Trump previously announced a general 10% tariff on imports from all countries, which will be increased for those nations with trade surpluses against the US, seen as having unfair trade practices.
With Thailand's specific retaliatory tariff set at 36%, the government is under pressure to swiftly respond and mitigate adverse effects on its economy.
An academic from Chulalongkorn University has urged Thailand to take a leading role within ASEAN to enhance regional negotiation power in response to these tariff challenges.
Prime Minister Paetongtarn Shinawatra announced these intentions alongside the formation of a working group focused on trade issues, comprising both private and public sector representatives.
Finance Minister Pichai Chunhavajira is scheduled to lead a delegation to Washington, D.C. this week.
This delegation aims to discuss trade matters with various stakeholders, emphasizing Thailand’s role as a reliable economic partner for the United States.
The prime minister’s comments follow criticism regarding the government's perceived slow response to the tariff hikes announced by US President Donald Trump, in contrast to measures taken by other ASEAN countries.
The new tariffs, which took effect on April 9, particularly impact key Thai export sectors, including electronics, processed foods, and agriculture.
The prime minister highlighted that numerous countries, similarly affected, are also engaging with the US to address this situation, but have yet to yield definitive results.
In response to these tariffs, Thailand intends to propose increased cooperation with the US across various sectors, while also requesting promotional privileges to benefit Thai investors and to ease barriers to Thai exports.
Furthermore, the Thai government expressed its commitment to combating the mislabeling of products as Thai-origin when they actually come from other nations.
Ms. Paetongtarn assured that Thailand's proposals aim to sustain bilateral relations and protect the interests of Thai businesses, including small and medium enterprises.
Measures are planned to support affected sectors both in the short and long term.
The prime minister is scheduled to meet with involved parties to discuss strategies to safeguard Thailand’s economic interests.
President Trump previously announced a general 10% tariff on imports from all countries, which will be increased for those nations with trade surpluses against the US, seen as having unfair trade practices.
With Thailand's specific retaliatory tariff set at 36%, the government is under pressure to swiftly respond and mitigate adverse effects on its economy.
An academic from Chulalongkorn University has urged Thailand to take a leading role within ASEAN to enhance regional negotiation power in response to these tariff challenges.
