The Bank of Thailand has warned that the effects of the United States’ tariff policy on the country’s economy will be prolonged and accompanied by a high degree of uncertainty.
Speaking at a press briefing on Friday, Governor Sethaput Suthiwartnarueput stated that the full impact of the tariffs would likely become clearer in the second half of the year.
Thailand, one of the Southeast Asian countries most affected by US trade measures under former President Donald Trump, is facing a potential 36% tariff if a reduction cannot be negotiated before the expiration of a global moratorium in July.
Last year, the United States was Thailand’s largest export market, accounting for 18.3% of total shipments, valued at $54.96 billion. The U.S. trade deficit with Thailand stood at $45.6 billion.
Suthiwartnarueput noted that the manufacturing sector would be hit hardest by the tariffs but emphasised that the impact would not be as severe as during the pandemic.
He also expressed concerns about a possible influx of imports into Thailand as trade diversions increase.
Boluwatife Enome
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