Bangkok (VNA) - Thai exporters are closely monitoring the situation, following the US President’s announcement to increase import tariffs on gemstones and jewelry from all countries by 10%, effective from April 9 to July 9 this year.
As reported by The Nation, after this period, the final tariff rate will depend on ongoing negotiations over the next 90 days. The US is one of the largest markets for gemstones and jewelry globally and a key export destination for Thailand and many other countries.
According to Global Trade Atlas data, last year, the US imported gemstones and jewelry (excluding gold) worth 73.17 billion USD. Thailand ranked 12th with a 2.49% share, followed by China at 13th with 2.37%.
The Nation article said that in the short term, Thailand and its competitors face a 10% tariff hike, while China and Hong Kong (China) face a 30% increase, giving Thailand a relative advantage over them.
Thailand's exports directly to the US will see limited impact initially, but the 10% price increase could affect price-sensitive segments, potentially reducing consumption among some US consumers and causing smaller importers to cut back on Thai goods.
🎉 Thai exporters are therefore urged to promptly plan for these changes by adjusting strategies to reduce production costs – such as adopting more efficient technologies – and expanding exports to other potential markets. This diversification will help spread risk and sustain long-term competitiveness./.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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