Thailand welcomes 19% US tariff as 'major success'
BANGKOK: Thailand welcomed on Friday (Aug 1) the 19 per cent trade tariff imposed by US President Donald Trump as a "major success", a government spokesman said, averting a threatened levy of 36 per cent.
Trump ordered stiff tariffs on dozens of trading partners in an effort to reshape global trade in favour of the US economy.
Thailand has been negotiating with Washington for weeks, seeking a reduction in the 36 per cent levy on key exports threatened under Trump's "Liberation Day" measures.
"This finalised deal, setting US import tariffs at 19 per cent, marks a major success for Thailand," Thai government spokesman Jirayu Huangsab said in a statement.
"It represents a win-win approach aimed at preserving Thailand's export base and long-term economic stability."
The United States' goods trade deficit with Thailand hit US$45.6 billion in 2024, up 11.7 per cent from the year before, according to US Trade Representative data.
Thailand has struggled to reignite its economy since the Covid-19 pandemic, when travel restrictions hammered the key tourism sector.
The Thai government in May cut its 2025 economic growth forecast to 2.3-3.3 per cent, from 3.2-4.2 per cent, citing uncertainty over tariffs. Growth in 2024 was 2.5 per cent.
The tariff announcement on Thursday in Washington came days after Trump intervened to help broker a ceasefire between Thailand and Cambodia.
Five days of heavy border clashes between the two neighbours - their deadliest in decades - left more than 40 people dead and 300,000 evacuated from their homes. - AFP
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