Operating costs for Thai exports are likely to spike by 6-8% on average given US President Donald Trump's aggressive tariff policy on imports, says the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).
Last month, Trump announced a tariff hike to 25% on steel and aluminium imports in March, with a 25% levy planned for car imports next month, according to media reports.
This will add a financial burden for Thai shippers, and urgent measures are needed to deal with the impact of this trade war, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, who chaired a JSCCIB meeting yesterday.
"We saw the prime minister posted on X she plans to meet with JSCCIB over the next two weeks, and we are ready to discuss these issues," he said.
The panel wants a joint public-private war room to monitor new Trump trade policies and share information to craft solutions.
Thailand may face stiff tariffs because of its trade surplus with the US, which was the 11th-largest globally at more than $35 billion or 1.2 trillion baht in 2024.
Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce, said the JSCCIB is worried a renewed US-China trade war will cause some Chinese companies to secretly use Thai factories to produce and export their products.
"This will raise doubts if some Chinese firms report higher industrial goods exports when the Thai Manufacturing Production Index is weak," he said.
Meanwhile, a proposal to set up a 5-billion-baht fund to increase consumer pickup loans is expected to progress soon, said Kobsak Duangdee, secretary-general of the Thai Bankers' Association. The fund was proposed to the premier late last year by the JSCCIB to prop up dismal domestic auto sales.
