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Thailand braces for US$7 billion or more in losses from Trump’s tariffs
Thailand has offered to try to increase imports of corn, soybeans, crude and ethane to narrow its trade surplus with the United States
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Thailand could suffer a US$7 billion to US$8 billion hit from potential US tariffs if the US administration were to even up levies between the two countries, but it has a strategy for trade negotiations, senior officials said on Wednesday.
Thai semiconductor exports may face tariffs of 25 per cent from the United States, top commerce ministry official Vuttikrai Leewiraphan said ahead of US President Donald Trump’s planned announcement of new trade barriers.
“Thailand collects tariffs of about 11 per cent higher than the US in agriculture and industrial,” Vuttikrai said.
“So if we are hit with 11 per cent more, we could see losses of about US$7 billion to US$8 billion.”
Thailand wants to avoid US tariffs and has said it would try to increase imports of corn, soybeans, crude and ethane to narrow its trade surplus with the US. Exports are a key driver for Southeast Asia’s second-largest economy.
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