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Thailand faces a major economic challenge as US President Donald Trump announced a 36% tariff on Thai imports. Dr. Santitarn Sathienthai, a member of Thailand's Monetary Policy Committee, suggests the urgent creation of a "war room" to tackle the potential economic fallout.
Posting on Facebook, Dr. Santitarn, an adviser to the Thailand Development Research Institute, described the tariffs as an economic "earthquake" with severe global aftershocks. Many countries could erect tariff barriers, leading to deteriorating global trade.
The American market has become restrictive, making exports difficult. Consequently, countries, including Thailand, are keen to shift focus to other markets, intensifying competition. Goods from other regions might flood Thailand, complicating the economic landscape.
Although Vietnam faces a steeper 46% tariff, the Thai economy might see delayed investment from Chinese firms avoiding the US-China trade conflict. Negotiations could alter tariff levels, but the uncertainty is causing worldwide business hesitation, impacting investment immediately.
Dr. Santitarn warns that Trump's tariffs may impact Thailand's economy more than anticipated. He called for an urgent "war room" involving public and private sectors to strategize and mitigate risks. Businesses must adapt their strategies to identify opportunities amidst the crisis, as the economic impact might extend over the long term, reported Thai News Room.
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