BANGKOK: Representatives from manufacturing, trade and banking sectors discussed on Monday the trade issues with the United States after the US government reviews trade policy with 16 countries which have trade surplus with the US.
Chen Namchaisiri, chairman of Federation of Thai Industries, said exporters have to prepare for any actions from the US, since the US government could raise high tariff rates or impose non-tariff barriers against Thai products. Thai exporters may have tried to seek new export markets, he suggested.
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He said the Thai government and private sectors have implemented many measures aiming at curbing intellectual property rights violation and labour rights abuses.
This should save Thailand from trade retaliation, he said and added that initial assessment suggested that Thailand would not be targeted by the US. He said most of products sent to US are from US manufacturers who investing here. While leading Thai companies have also invested in the US soil. Thailand-based US manufacturers export computers and other electronic products to the US. While US government action could force these investors relocate their factories to the US or other countries being not subject to US sanctions.
Thailand ranked 11 among top 15 countries having trade surplus with the US last year.
Thailand’s trade surplus with the US was worth only $19 billion compared with China’s of $347 billion. The US government will take about 90 days for reviewing trade issues before it makes a decision what to do with these countries after US President Donald Trump earlier accused some countries had adopted trade abuses against US.
