Thai businesses urged to monitor US trade policy under Trump

[snoop1130]

 

The Thai Wholesale and Retail Trade Association advises local businesses to closely watch global trade dynamics and the international economy in light of Donald Trump’s recent return to the White House. This call to attention comes amid concerns about potential shifts in US trade policy that could have far-reaching impacts.

 

Somchai Pornrattanacharoen, serving as an honorary advisor to the association, reassured that Thailand’s trade policies remain harmonious with the US despite the country’s existing trade surplus with America.

 

Trump has made headlines with his commitment to significantly hike tariffs on imports, proposing increases of up to 60% on Chinese goods and 20% on products from other nations. He went as far as to suggest a 200% levy on certain imported vehicles.

 

The association maintains a positive outlook, stating that Thailand’s wholesale and retail exports are unlikely to be impacted by these protectionist strategies. Currently, the main exports to the US are cars, auto parts, and agricultural products, rather than retail and wholesale goods.

 

In 2023, the United States ranked as Thailand’s second-largest trading partner, following China, with bilateral trade valued at US$68.3 billion (approximately 2.3 trillion baht).

 

 

Thailand holds a trade surplus of US$29.4 billion with the United States, necessitating the need for a watchful eye over the trade policy between the US and other countries, remarked Somchai.

 

He urged the Thai government to stay alert to the evolving trade policies under the new US administration, particularly concerning American investments and potential shifts in production locations.

 

Somchai anticipates that US manufacturers of consumer goods, who have already established operations in Thailand, may opt to retain their production due to the region’s competitive labour costs.

 

He further suggested that should the US impose trade barriers on any nation, the Thai government must determine if brands from those countries have set up manufacturing bases in Thailand, as this could lead to increased scrutiny of Thai exports by the US.

 

To strengthen Thailand’s economic position, Somchai encouraged the government to attract more foreign investment, recommending a review of current investment incentives. He pointed out the strategic geographic benefits of using Thailand as a production hub.

 

“The investment must benefit Thailand, such as transfer of skills and know-how to Thai workers.”

 

He concluded that the Thai government should carefully evaluate the trade policies of its partners to identify mutually advantageous solutions, while still ensuring that Thailand’s interests remain a priority, reported Bangkok Post.

 

By Ryan Turner

Image: AP Photo/David Goldman

 

Source: The Thaiger

-- 2024-11-11

 

 

[hotchilli]

14 hours ago, snoop1130 said:

This call to attention comes amid concerns about potential shifts in US trade policy that could have far-reaching impacts.

Like exposing Thai tariffs and luxury taxes on imports.

[wwest5829]

Hang on, I fear we are in for a rough ride … “America First”! Indeed … as a working middle class American economic refugee retired in Thailand, I want the people of Thailand to know I had no hand in the coming events having voted in opposition (for all the good it did us). I am estranged from the country of my birth and cannot support nor defend such a country having voted to place an American citizen jury convicted felon in the leadership position.

Edited November 12 by wwest5829

[John Drake]

17 hours ago, snoop1130 said:

He further suggested that should the US impose trade barriers on any nation, the Thai government must determine if brands from those countries have set up manufacturing bases in Thailand, as this could lead to increased scrutiny of Thai exports by the US

 

Thailand has been openly bragging for years about bringing Chinese manufacturers to Thailand in order to skirt US trade restrictions. These TINO (Thai In Name Only) Chinese companies have been getting away with it for almost a decade.

[mdr224]

57 minutes ago, wwest5829 said:

Hang on, I fear we are in for a rough ride … “America First”! Indeed … as a working middle class American economic refugee retired in Thailand, I want the people of Thailand to know I had no hand in the coming events having voted in opposition (for all the good it did us). I am estranged from the country of my birth and cannot support nor defend such a country having voted to place an American citizen jury convicted felon in the leadership position.

YOU are in for a rough ride. We real Americans will be just fine

[Emdog]

2 hours ago, mdr224 said:

YOU are in for a rough ride. We real Americans will be just fine

Now that is a fine example of lack of even the most basic of American values in 2 sentences. What is that cow dung unAmerican phrase "we real Americans"?? Ever hear "E Pluribus Unum"?

[radiochaser]

2020 was pretty rough in many ways with the covid restrictions.    It got a little better in some ways in 2021, but then inflation kicked and some things are still pretty rough.   

 

I am happy that I paid of my house before the biden administration was in place.   Paid of my truck, etc.   Right now my wife and I only have revolving debt that is paid off every month.   I look forward to see what the future brings.   

 

There were dire predictions for the first Trump presidency that failed to come true.  I await to see if the doom, gloom and dire predictions for Trump's second presidency bears fruit or dies on the vine, as they died the first time!

[FritsSikkink]

6 hours ago, mdr224 said:

YOU are in for a rough ride. We real Americans will be just fine

The Americans in the USA are the ones who will pay the import duties if they want to buy from abroad. 

The retirees living in Thailand won't pay them.

Edited November 12 by FritsSikkink

[transam]

6 hours ago, mdr224 said:

YOU are in for a rough ride. We real Americans will be just fine

"The blind will never see".................

[wwest5829]

On 11/12/2024 at 9:44 AM, mdr224 said:

YOU are in for a rough ride. We real Americans will be just fine

Ha! Well, yes I could go off on your declaration about “real Americans” but you are not worth getting into a pissing contest with over my documented USA family history going back before the country was even founded.