BANGKOK:Thailand will ramp up imports from the United States, cut certain tariffs on American products, and work to ease non-tariff barriers, the country’s finance minister said Tuesday, as the government prepares to negotiate better terms following new U.S. tariffs.
The 36% import tax imposed on Thailand — Southeast Asia’s second-largest economy — by U.S. President Donald Trump’s administration exceeded expectations and is among the highest in the region. Finance Minister Pichai Chunhavajira, who will lead Thai negotiations, said the country wasn’t rushing into talks in Washington, noting that the government needs time to prepare its proposals.
Pichai added that Thailand hopes to balance its trade with the United States within a decade. Prior to the tariff hike, the government had been targeting 3% GDP growth for 2025, up from 2.5% in 2024 — a figure already lagging behind regional averages.
To help offset the tariff impact, the government plans to increase U.S. imports, including corn, soybeans, crude oil, ethane, LNG, automobiles, electronics, and aircraft, while reviewing restrictions on U.S. pork. According to Thai data, the country held a $35.4 billion trade surplus with the U.S. last year, though Washington’s estimate puts the deficit higher, at $45.6 billion.
Following the tariff news, Thailand’s benchmark stock index (.SETI) plunged by as much as 6.1% on Tuesday, the first day of trading since the announcement. In response, the Stock Exchange of Thailand introduced temporary measures, halving daily trading limits to 15% and suspending short selling to curb volatility.
Prime Minister Paetongtarn Shinawatra confirmed a meeting with the U.S. Trade Representative is set, though no details were shared. She urged Thai exporters to explore alternative markets to reduce dependency risks and said the government will provide relief support to businesses hurt by the tariffs.
Pichai warned the new U.S. tariffs could shave a full percentage point off Thailand’s GDP growth this year in its heavily export-driven economy.
