Thailand will continue to hold bilateral trade talks with the United States, despite President Donald Trump’s immediate decision to impose additional 10% tariffs on imports from all countries into the US, effective February 24, according to Commerce Minister Suphajee Suthumpun.
She said yesterday that she has instructed the Department of International Trade Negotiations to assess the situation, following President Trump’s decision, and to continue trade talks with the US to maintain trade and investment relations with the US and to ease the impacts of this latest tariff measure on Thai exporters.
Even though the US Supreme Court has struck down the reciprocal tariffs imposed on all imports into the US market by President Trump, who had attempted to invoke the International Emergency Economic Powers Act (IEEPA), Suphajee said that there are still several related issues, both legal and practical, that need to be cleared up.
She noted that the 10% levy imposed by President Trump, under Section 122 of the Trade Act 1974, is lower than the 19% reciprocal tariff imposed on Thai exports to the US, adding that the Commerce Ministry has, however, found it necessary to monitor further developments on the US side closely.
The commerce minister warned that there is a possibility that the US administration could invoke Section 232 of the Trade Expansion Act 1962 to deal with issues which may pose security threat to the US, citing the US decision to levy 50% tariffs on imports of steel, copper and aluminium, 25% tariffs on automobiles and spare parts as well as some semi-conductors.
As a consequence of Trump’s latest 10% tariff, the commerce minister explained that Thai exporters will be subjected to normal taxation plus an addition of 10% under Section 122 of the Trade Act 1974, fees and anti-dumping or countervailing duties.
