Thai Business Group Urges Swift Action Amid U.S. Trade Policy Panic

As the U.S. trade policy under President Donald Trump continues to cause uncertainty, a Thai business group has urged the government to take swift action to mitigate potential losses. With the U.S. being Thailand's largest export market, accounting for 18% of total Thai exports in 2023, the Thai National Shippers' Council (TNSC) has outlined 14 strategic measures to strengthen Thailand's competitiveness and reduce dependence on the U.S. market.

The TNSC, led by Chairman Chaichan Charoensuk, has called for the establishment of a task force to analyze the implications of U.S. trade measures and ensure that Thailand's stance is clear in upcoming negotiations. The council emphasizes the need for cohesive strategies that align both public and private sectors to address the challenges posed by U.S. trade policies.

One of the key concerns for Thai businesses is the potential imposition of tariffs on Thai exports by the U.S. If the U.S. imposes tariffs on Thailand, it could lead to a significant drop in the competitiveness of Thai products in the global trade market. To mitigate this risk, the TNSC has recommended several measures, including:

1. Adopting a neutral stance on the U.S.-China trade conflict to avoid being caught in the crossfire.
2. Bolstering supply chains and logistics to ensure the smooth flow of goods and reduce vulnerability to external shocks.
3. Expanding exports to emerging markets like India and the Middle East to diversify revenue streams.
4. Leveraging regional trade agreements like the Regional Comprehensive Economic Partnership (RCEP) to access alternative markets with lower trade barriers.
5. Enhancing the added value of Thailand's manufacturing industry through smart manufacturing and technological innovation to boost product competitiveness.

The TNSC also urges Thai businesses to maximize the benefits of existing free trade agreements and strengthen regional and multilateral trade cooperation. By doing so, Thailand can better navigate the challenges posed by U.S. trade policies and maintain long-term economic growth.

In conclusion, the Thai business group's call for action highlights the importance of proactive measures to mitigate the potential impact of U.S. trade policies on Thailand's economy. By diversifying export markets, strengthening supply chains, and enhancing product competitiveness, Thailand can better position itself to weather the storm of U.S. tariffs and maintain long-term economic growth.