A view of the port of Bangkok, Thailand
Credit: Reuters Photo
Bangkok: Thailand could suffer a $7 billion to $8 billion hit 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, top commerce ministry official 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 US 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.
Commerce ministry data shows Thailand had a $35.4 billion trade surplus with the United States last year, while Washington has put its deficit with Thailand at $45.6 billion.
Foreign ministry official 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.