Trade agreements with us will increase competitiveness, Thailand’s confidence, the Minister said
Thailand’s Minister of Finance said on Friday that the tariff level of 19% agreed with the United States would help increase its competitiveness globally, increase investor confidence and create opportunities for economic growth.
The new level is significantly lower than the level of 36% which is announced in April and is more in harmony with other countries in the region.
The United States is the largest export market in Thailand last year, accounted for 18.3% of the total shipping, or $ 54.96 billion.
“The announcement of the 19% tariff level reflects a strong friendship and close partnership between Thailand and the United States,” Minister Pichai Chunhavajira said at X.
“This helps maintain Thailand’s competitiveness on the global stage, increase investor confidence, and open the door for economic growth, increase in income, and new opportunities for the country,” he added.
The government is fully aware of the impact on business and farmers and has prepared various support steps including budget allocations, soft loans, subsidies, tax incentives, and regulatory reforms, Pichai said.
The steps of support will “help Thailand adapt and confidently step into the global economy in the future,” he added.
Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges in front, Pichai said.
Thailand’s top exports to the United States last year were computers, teleprinters and telephone sets, and rubber products. The top imports from the United States are crude oil, machines and spare parts, and chemicals.
On Wednesday, the Ministry of Finance increased the estimated economic growth of 2025 slightly to 2.2% from 2.1%, based on a tariff rate of 15% to 36%. Thailand’s economy extends 2.5% last year.
Vietnam and Indonesia negotiate each US tariff of 20% and 19%.
Source: Reuters
