Thailand may lose 25.8 billion USD in revenue due to US tariffs: industries federation
FTI President Kriangkrai Thiennukul said that the Thai industries expected to be hardest hit by the tax increases include automotive, food, plastic, chemical, steel, aluminium, textile, electronics and machinery.
Kriengkrai Thiennukul Chairman of FTI (L) and US President Donald Trump (Photo: nationthailand.com)
Bangkok (VNA) - The Federation of Thai Industries (FTI) has estimated that Thailand could suffer an estimated 900 billion THB (25.8 billion USD) revenue loss from the US administration’s imposition of 36% reciprocal tariffs on Thai exports to the US.
FTI President Kriangkrai Thiennukul said that the Thai industries expected to be hardest hit by the tax increases include automotive, food, plastic, chemical, steel, aluminium, textile, electronics and machinery.
For the automotive industry, he said Thailand is currently facing a 25% tariff, imposed since March, and, if a 36% reciprocal tariff is added, car manufacturers, particularly motorcycle producers, may relocate their production away from Thailand.
The food industry will be directly affected, particularly processed food and seafood, which are currently exempt, when the 36% tariff is imposed, he said, adding that this will reduce Thailand’s competitiveness.
Exports of chemicals to the US, currently valued at about 2 billion USD, are expected to fall, while US buyers may reject Thai textiles, due to increased costs incurred from the 36% tariff, said Kriangkrai.
The FTI has proposed that the government accelerates negotiations with the US administration, to cut import taxes for US products, such as maize, tuna fish and meat, and considers issuing certificates of origin for products manufactured in Thailand, such as hard discs and solar cells.
ꦫ Kriangkrai further said that the government should make serious efforts to tackle the problem of infringement of intellectual property and market dumping of cheap products into Thailand./.
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