Thailand could suffer a $7 billion to $8 billion export loss from potential US tariffs if the US administration were to even up levies between the two countries, but it has a strategy for trade negotiations, senior officials said on Wednesday.
Thai semiconductor exports may face tariffs of 25 per cent from the United States, Commerce Ministry’s Permanent Secretary Vuttikrai Leewiraphan said ahead of US President Donald Trump's planned announcement of new trade barriers.
"Thailand collects tariffs of about 11 per cent higher than the US in agriculture and industrial," Vuttikrai said.
"So if we are hit with 11 per cent more, we could see losses of about $7 billion to $8 billion."
Thailand wants to avoid U.S. tariffs and has said it would try to increase imports of corn, soybeans, crude and ethane to narrow its trade surplus with the United States.
Exports are a key driver for Southeast Asia's second-largest economy.
The United States has put its deficit with Thailand at $45.6 billion.
Vuttikrai said Thailand is also considering importing U.S. beef and liquor, as well as reducing tariffs on U.S. products.
"Importing (goods) or reducing tariffs alone will not be enough. We will consider every dimension and every way possible," he said.
The government will seek help from Thai Airways in buying or leasing aircraft from the United States, he added.
Thailand is aiming to reduce its trade surplus with the United States to $20 billion by importing more U.S. products but has given no timeframe for the reduction.
The United States was Thailand's largest export market in 2024, accounting for 18.3 per cent of total shipments, or $54.96 billion, of which 20 per cent were shipped by U.S. companies in Thailand, according to Vuttikrai.
Foreign ministry’s Deputy Permanent Secretary Sirilak Niyom said Thailand was ready for trade negotiations, and noted that Thai companies had invested $17 billion in the United States across the food, real estate and auto parts sector, and employed 11,000 people.
