Bangkok: "Sangchai" fears that the refund of import tariffs will affect confidence in the US economy. He is watching for a de-escalation of global trade conflicts and sees an opportunity to enhance the country's competitiveness.
According to Thai News Agency, Mr. Saengchai Teerakulvanich, Chairman of Strategy at the Thai SME Federation, stated that the US Supreme Court's ruling to overturn Trump's import tariffs on several countries worldwide could have a positive impact on the global and Thai economies. This presents an opportunity to boost confidence in trade and investment, benefiting US importers and consumers, exporters, and the entire supply chain by mitigating pressure from the trade tariff war to some extent. He urged the government to urgently enhance the country's competitiveness by adjusting and focusing on economic and industrial structures to increase productivity, prioritize quality and added value, build export partnerships to new markets, increase reliance on domestic raw materials and production factors, and implement investment promotion strategies that can accelerate the distribution of investment within special economic zones.
Mr. Saengchai further stated that what needs to be monitored and assessed going forward are: retaliatory measures by Trump; whether the US foreign policy might lead to reduced trade conflicts and other geopolitical wars; political conflicts regarding trade tariff policy in the US Congress and other policies; law enforcement in prosecuting Trump; and the economic and social situation in the US, which may experience volatility, increased tax burdens, and erosion of US economic confidence, trade, and investment. Ultimately, over the past year, US importers and consumers have been affected, similar to other countries that have been subjected to tariffs.