Thai government urged to set up 'war room' to tackle US tariffs

The TCC insisted the Prime Minister must chair this task force, comprising both public and private sector representatives, to formulate a proactive strategy against a possible resurgence of protectionist policies under the Trump 2.0 administration.

The Thai Chamber of Commerce (TCC) is calling on the government to establish a "war room" to address tariff threats from the administration of US President Donald Trump.

The TCC insisted the Prime Minister must chair this task force, comprising both public and private sector representatives, to formulate a proactive strategy against a possible resurgence of protectionist policies under the Trump 2.0 administration.

Sanan Angubolkul, Chairman of the TCC and the Board of Trade, expressed his deep concern, stating that businesses are apprehensive about potential US trade policies.

He anticipates a shift towards new markets, with ASEAN and Thailand becoming increasingly crucial, particularly for electronics, electrical appliances, automobiles, industrial goods, consumer products and agricultural and food products.

pbs2pza7jzrw6fzuvdat.jpg
The Thai Chamber of Commerce is calling on the government to establish a "war room" to address tariff threats from the administration of US President Donald Trump. (Photo: nationthailand.com)

The Chamber emphasised the necessity for stringent import controls, particularly for substandard or low-priced goods that undermine fair competition.

Sanan called for rigorous import standard checks, mandatory certifications, and thorough verification of product origins to prevent counterfeiting and tax evasion.

He also demanded robust enforcement against predatory pricing and dumping, and a review of competition laws to reflect the current economic climate.

TCC Vice Chairman Poj Aramwattananont highlighted the need to address the trade imbalance by increasing imports from the US, particularly in agriculture, food and energy.

He suggested a reform of Thailand’s import tariff quotas with the US to ensure a balanced and robust negotiating position.

Moreover, he stressed the importance of analysing the service sector's trade deficit, including digital services, management fees, copyrights, banking, insurance, education and franchise fees, for a comprehensive understanding of economic relations.

Thanavath Phonvichai, President of the University of the Thai Chamber of Commerce, warned of severe economic consequences of failing to act swiftly.

He outlined the potential indirect impact of US tariffs on Canada, Mexico, and China, estimating a 20-25 billion THB loss and a 0.1-0.5%reduction in GDP.

Tariffs on automobiles could result in a 60-65 billion THB loss and a 0.35-0.4% GDP decrease, potentially limiting growth to 2.6-2.8% this year.

Furthermore, Thanavath reiterated Sanan’s warning that global tariffs imposed by the US could inflict a minimum loss of 100-150 billion THB, reducing GDP by 0.5-0.7%, and lowering economic growth to 2.3- 2.5%.

In 2024, preliminary data indicated a surplus of approximately 45.6 billion USD, moving Thailand from the 12th to the 11th largest surplus holder with the US./.

World

Indonesia seeks new markets for palm oil
World

Indonesia seeks new markets for palm oil

Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.

Thailand optimistic about tourism and spending during Songkran festival
World

Thailand optimistic about tourism and spending during Songkran festival

Deputy government spokesman Anukul Prueksanusak has cited findings from a recent consumer behaviour survey conducted by the University of the Thai Chamber of Commerce, which said spending during Songkran is projected to increase by 4.5% to 134 billion THB (3.8 billion USD), up from last year’s 129 billion THB

Thailand to negotiate with US on tariffs
World

Thailand to negotiate with US on tariffs

Thailand is on the list of 15 countries that could be affected by Trump’s tariff policy. The average US tariff on Thai imports is 2% while Thailand levies an average tariff of 8% on US products

Thailand revises tourism strategy after earthquake
World

Thailand revises tourism strategy after earthquake

Minister of Tourism and Sports Sorawong Thienthong said that a tourism risk and crisis management team will be established to support the industry, with representatives from organisations in the tourism supply chain, such as the Ministry of Home Affairs and the Roads Authority.

Belgian monarchs' state visit to open new chapter in bilateral cooperation
World

Belgian monarchs' state visit to open new chapter in bilateral cooperation

As a major player in the region and one of the most dynamic economies in Asia, Vietnam is an indispensable partner for Belgium. The meetings with the various Vietnamese authorities will therefore offer an excellent opportunity to further deepen and enrich this diverse partnership, according the Belgian Federal Public Service of Foreign Affairs, Foreign Trade and Development Cooperation.

Indonesia rolls out people's schools initiative
World

Indonesia rolls out people's schools initiative

Indonesia's Ministry of Social Affairs has identified over 200 potential sites for the establishment of people’s schools (Sekolah Rakyat), a programme designed to provide free, quality education to children from economically disadvantaged families.