Keyword: "US tariff"

The US accounts for 18% of Thailand's exports. If the 36% rate is implemented, exports to the US could fall to 10% of the total, weakening bilateral trade relations over the long term.

The Southeast Asian country has offered to cut import duties on most US goods to zero, expand access for US agricultural and industrial products, and increase purchases of energy and Boeing jets. It also pledged to reduce its 46 billion USD trade surplus with the US by 70% within five years.

The US decided to keep unchanged tariff rates on certain countries in Southeast Asia, such as 32% for Indonesia and 36% for Thailand, effective from August 1. Malaysia faces a 25% rate, up from the 24% that the US threatened in April.

The minister called on the USABC and the US business community continue to support Vietnam in the process of negotiating a reciprocal trade agreement with the US, and coordinate to promote the investment and business potential and opportunities in Vietnam to US partners.

Pichai revealed that actually, Thailand and the US had held unofficial discussions on the matter, and he believed that proposals from his country benefited both sides.

Nazir called for forging closer partnerships with other countries in the world such as China, India, and Japan.

Earlier this month, Indonesian Minister of Energy and Mineral Resources Bahlil Lahadalia said that Indonesia could redirect up to 60% of its fuel imports away from Singapore over the next six months as part of a broader diversification strategy.

Speaking at a meeting of foreign ministers from ASEAN ahead the 46th ASEAN Summit in Malaysia,Malaysian Foreign Minister Mohamad Hasan emphasised that ASEAN nations are among those most heavily affected by the US-imposed tariffs.

One key measure to support Thai entrepreneurs is an increase in the corporate income tax (CIT) benefits granted to BOI-promoted SMEs, which will now receive a five-year CIT exemption equal to as much as 100% of their investment in enhancing their capabilities and improvements, up from the previous three-year CIT exemption capped at 50% of investment.

Thai Prime Minister Paetongtarn Shinawatra’s official visit to Vietnam is of significance as it takes place at a time when the international order is being affected by increasing geopolitical tensions and trade conflicts.

If the US continues to impose a high tariff after a 90-day postponement, importers with deep pockets in Malaysia will pay the extra tariffs in addition to additional levies, but small companies without sizeable cash or liquidity will not pick up the goods and will leave them stranded at ports.

Amid unpredictable fluctuations in US tariff policies, Vietnamese businesses must take a proactive and strategic approach to sustain their exports to this key market, experts emphasised at a workshop held in Ho Chi Minh City on May 9.

Large Vietnamese enterprises plan to intensify engagements and meetings with US partners from now until June to advance the signing of contracts to implement previously signed agreements and memoranda of understanding with US partners.

During his visit to Vietnam, Japanese Prime Minister Ishiba Shigeru toured a local industrial park where many Japanese companies operate and expressed his intention to take all possible measures to address the impact of US tariffs on Japanese companies operating overseas.

Thailand’s full-year exports can fall below the forecast of 7.5 million tonnes, but exporters are seeing more US orders after a 90-day pause on the imposition of steep new tariffs.

According to the Ministry of Agriculture and Environment, the export value of wood and wood products in March 2025 was estimated at 1.5 billion USD, bringing the total figure for the first quarter to 3.95 billion USD, an increase of 11.6% compared to the same period in 2024.

Dang Ngoc Diep, Director of the Department of Planning and Finance under the Ministry of Agriculture and Environment, noted that despite mergers of units and personnel changes, the agriculture and environment sectors stayed well in the black for the first three months of this year.

Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.

All 14 economists in a Bloomberg survey forecast that the MAS, which uses the exchange rate rather than interest rates to stabilise prices, will reduce the slope in the policy band of the Singapore dollar’s nominal effective exchange rate on April 14.

The Thai industries expected to be hardest hit by the tax increases include automotive, food, plastic, chemical, steel, aluminium, textile, electronics and machinery.