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Thailand Prepares for Talks to Mitigate Impact of US Tariffs
Thailand is set to initiate talks with the United States to mitigate the economic impact of recently imposed tariffs. The government has emphasized its commitment to minimizing the negative effects on the country’s GDP growth and protecting exporters’ interests.
The move comes as a response to the US administration’s decision to impose a 36% tariff on Thai goods, which is higher than initially anticipated. Thailand faces a significant trade surplus with the US, valued at $45 billion in the previous year, and the government recognizes the urgency of addressing this situation swiftly.
Prime Minister Paetongtarn Shinawatra has underlined the importance of engaging in constructive dialogue to find mutually beneficial solutions. “We have prepared several steps, including sending our permanent secretary to speak with them,” she emphasized, expressing optimism about the outcome of these negotiations.
Thailand’s Deputy Finance Minister, Julapun Amornvivat, concurred with the PM, stating that while the tariff level exceeded expectations, the government remains calm and prepared for constructive dialogue. He stressed the significance of maintaining a cooperative tone in discussions to ensure favorable outcomes.
The recent tariff announcement has sparked concerns about Thailand’s economic outlook, as economists warn that reciprocal tariffs could reduce GDP growth by up to 1.2%. The Thai baht, the country’s currency, has dropped by up to 0.8% against the US dollar, while other regional currencies have also weakened.
Source: https://cryptotale.org/thailand-prepares-for-talks-to-mitigate-impact-of-us-tariffs/
