Here are the tariff rates Thailand imposes on just goods from the European Union, according to ChatGPT.
36% is a low number compared to what Thailand imposes on other countries.
Thailand has until August 1st to negotiate, so the current numbers aren't final. This could mean Thai companies face lower profits, or they might raise prices for U.S. consumers.
Vietnam is likely pleased to see higher rates in neighboring countries, but this seems like a deliberate strategy. The U.S. prefers manufacturing in Vietnam or the Philippines due to their closer location.
Remember, Thailand still struggles with poor infrastructure, a lack of skilled workers, and an unstable government, making it a tough place for businesses. As a result, more electronics production might shift to Vietnam.
I believe this could split ASEAN, and push countries in the region toward protectionism.