Thai Commerce Minister to negotiate with US on import tariff hike

Commerce Minister Pichai Naripthaphan will fly to the US on Monday (February 3) to negotiate on the import tariff hike on Thai products.

This move came as Thailand was among countries at risk of the US import tariff hike at 10-20% due to a US$35.42 billion (1.19 trillion baht) trade surplus last year.

The US is Thailand’s largest export market, with an export value of $54.95 billion (1.84 trillion baht) in 2024, accounting for 18% of total Thai exports. Meanwhile, the US imported Thai products worth $19.52 billion (656.36 billion baht) last year.

Pichai clarified on Friday that the trade surplus due to exports of US goods produced in Thailand rather than trade profits.

Hence, the US should not raise import tariffs on Thai products to address its trade deficit, he said, adding that such a policy would adversely affect US investors in Thailand.

He added that he has cooperated with the Thai Chamber of Commerce on preparing data to ensure a smooth negotiation process. 

Thailand is expected to face the US's tax measure on products that have contributed to trade deficits over the past five years, such as computers, mobile phones, diodes, transistors, solar cells, transformers, air conditioners, electronic circuits, gems and jewellery.

Meanwhile, the US is monitoring countries where Chinese investors have set up their production bases to avoid the US import tariff hike of 60%.

Source: Nation Thailand