BANGKOK (The Nation Thailand/ANN): Thailand’s Ministry of Commerce has launched an urgent strategic pivot to shield the kingdom’s economy from a looming 15% US global import tariff, expected to be triggered under President Donald Trump’s "Section 122" measures.
Commerce Minister Suphajee Suthumpun confirmed on Monday that the government is monitoring the situation with "extreme vigilance," as the new tariff rates are anticipated to take effect on 24 February.
With exports to the US currently accounting for a staggering 10% of Thailand’s GDP, the Minister warned that both the state and the private sector must prepare for a period of heightened volatility.
In an immediate response to the uncertainty, the Ministry has established a "Consultancy Centre" to provide bespoke advice to Thai entrepreneurs and exporters.
Despite the escalating trade tension, Suphajee noted that diplomatic channels remain open, with the most recent round of bilateral talks with US officials taking place on 12 February.
"The United States remains a primary trading partner, and negotiations must continue," the Minister stated. "However, every discussion must be anchored firmly in the protection of Thailand’s national interests and the rights of our businesses."
To offset potential losses in the North American market, Bangkok is accelerating its Free Trade Agreement (FTA) agenda. The Ministry has set an ambitious goal to conclude negotiations with South Korea, the European Union (EU), and Canada before the end of the year.
Closer to home, the government is moving to ratify signed agreements with Sri Lanka and the European Free Trade Association (EFTA), seeking parliamentary approval for immediate implementation. -- The Nation Thailand/ANN
