FTI Chairman not concerned by likely US tariff on vehicle imports

FTI Chairman not concerned by likely US tariff on vehicle imports

BANGKOK, 18th June 2018 (NNT) - The Chairman of the Federation of Thai Industries (FTI) has assured the public that tariffs the United States might impose on imported vehicles would have little effect on Thailand’s automotive industry. 

FTI Chairman Supant Mongkolsutee explained that exports to the United States account for only 2% of Thailand’s auto export segment. The US imports the majority of its new vehicles and car parts from its North American neighbors, Mexico and Canada. Thailand’s major export markets, on the other hand, are Australia, Asia, and ASEAN, which are currently in a state of economic expansion due to global recovery. 

US President Donald Trump had requested US Secretary of Commerce Wilbur Ross, investigate the effects of imports of SUVs, vans, small trucks, and car parts on the country's national security. The investigation was announced on May 23rd this year, and the report must be prepared within 270 days and submitted to the President within 90 days. If the President concurs with the report, he is authorized under Section 232 of the US Trade Expansion Act to impose tariffs on selected countries. 

A period of public feedback is being held until June 22nd, and objections will be fielded on the website www.regulations.gov until July 6th. A public hearing will be held from July 19th-20th.

-- nnt 2018-06-18