BANGKOK, March 5 (TNA) – The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has expressed concerns about potential U.S. import tariff policies that could significantly impact Thailand’s exports.
According to the committee, the United States is likely to increase import tariffs both specifically and broadly, having already announced tariffs on steel and aluminum imports from 10% to 25%, eliminating country-specific exemptions, effective March 12, 2025. The country is also preparing to raise import taxes on automotive, semiconductor, and pharmaceutical products.
Additionally, the U.S. plans to implement reciprocal tariffs with various countries, targeting goods where the United States is currently at a disadvantage due to high import tax rates.
This move could increase Thailand’s average tax costs by 6-8%, potentially harming Thai manufacturers and exporters. The JSCCIB urges the government to develop a comprehensive strategy to mitigate these trade challenges, said the JSCCIB.
To address economic challenges, the committee recommends several measures, including adapting to global trade policy changes, accelerating budget disbursement, and reducing business costs.
The JSCCIB also suggests the possibility of further reducing policy interest rates to stimulate economic activity and support businesses struggling with increased international trade tensions.
With Thailand’s economic growth slowing down – 2024 GDP expanded only 2.5% – the committee maintains its 2025 GDP growth projection at 2.4-2.9%. Foreign research institutes have adjusted growth estimates downward, citing ongoing trade policy risks and pressure on the production sector. – 819 (TNA)
