BANGKOK – Thailand plans to increase U.S. imports and cut taxes on American goods in response to a steep 36% tariff imposed by the Trump administration. Finance Minister Pichai Chunhavajira said the country aims to balance trade with the U.S. within a decade and will address non-tariff barriers in upcoming negotiations.
The move comes as Thai officials prepare for trade talks with U.S. counterparts, confirmed by Prime Minister Paetongtarn Shinawatra. The tariffs could shave a full percentage point off Thailand’s GDP, already lagging behind regional peers with just 2.5% growth in 2024.
To ease the blow, Thailand plans to buy more U.S. goods—ranging from corn and crude oil to autos and aircraft—and review pork import restrictions. The country’s $35.4B trade surplus with the U.S. is a key focus of Washington’s complaint.
Markets reacted sharply, with the Thai SET Index plunging 6.1%, prompting regulators to tighten trading rules and ban short selling to calm volatility.
