Dr. Ekniti points out that the US Section 301 tax will have a limited impact on Thailand and urges negotiations to reduce the tax to 10%.

Dr. Ekniti pointed out that the impact of US tariffs on Thailand is limited because many product groups are exempt. He urged negotiations under the IPEF to reduce tariffs to 10%, matching competing countries, and emphasized the need to address the issue of forced labor as a key priority for national development.

24 Jul 2569 Dr. Ekniti Nitithanpraphat, Deputy Prime Minister and Minister of Finance It was revealed that the government is urgently assessing the impact of the US announcement of tariffs under Section 301, imposing a 12.5% ​​import tax on over 37 trading partners, including Thailand. The government is also closely negotiating tariffs with the US, coordinating with Deputy Prime Minister and Minister of Commerce, Supajee Suthamphan, who is directly responsible for this matter.

"Firstly, it's important to note that the Thai private sector already has many products that are exempt from taxes. Therefore, we estimate that the overall impact on Thailand will not be significant."

However, there are still some products that are not exempt, which is an area that the government needs to discuss in detail with the private sector to determine which industries are affected to what extent and what measures are needed to support or enhance their competitiveness.

Dr. Ekniti revealed that the most important issue right now is for Thailand to expedite negotiations with the United States because there are still some cooperation frameworks that Thailand has not yet completed, especially the Indo-Pacific Economic Framework (IPEF). Some countries have already negotiated and received a 10% tariff rate, while Thailand is still in the process of pushing for a resolution.

"The important thing is that we need to negotiate with the United States as quickly as possible because other countries that have already negotiated have received the 10% rate, but Thailand has not yet. Ms. Supajee is currently working urgently on this."

If Thailand can negotiate quickly, the impact of the tariff measures will be mitigated. At the same time, the government should use the US raising the issue of forced labor as an opportunity to reform and upgrade the country's standards to meet international standards.

"Raising labor standards and production processes should not be viewed merely as a requirement from abroad, but as a significant opportunity to enhance Thailand's long-term competitiveness. When Thai standards are on par with competing countries, the trade costs from barriers will decrease, and Thai businesses will have more room to compete."

Regarding the overall impact, Dr. Ekniti estimates that it will likely only affect certain sectors that are not yet exempt from taxes, but he cannot yet specify all the product groups at this time, especially the food sector or other industries. He needs to review the data more thoroughly.

However, a meeting will be held with the secretariat team and relevant agencies to accurately assess the overall impact on the Thai economy, including aspects of exports, specific industries, and the competitiveness of businesses, before determining negotiation strategies and additional mitigation measures.

"Right now, we need to see all the details to determine which product groups are actually affected. But in the big picture, I think the impact won't be significant because many items have already been exempted. We need to expedite negotiations on the remaining items."