Bangkok: “Jatuporn” reveals that the Cabinet will urgently discuss the impact of the Trump tax. The Minister of Commerce revealed that there will be a discussion on measures to alleviate the impact of the Trump tax at the Cabinet meeting this morning, indicating that the Commerce Ministry’s agencies have already set a preliminary plan to take care of all sectors, but it will have to work together with other related ministries. Deputy Prime Minister Pichai is expected to call a meeting as soon as possible.
According to Thai News Agency, Mr. Jatuporn Buruspat, Minister of Commerce, said that after the government received a letter from the United States announcing a 36% customs duty, he admitted that it was a heavy figure. Given the tax rates announced by many other countries, it would weaken the entire world. Throughout the night, we discussed with relevant ministers and agencies under the Ministry of Commerce to review the impact response plan and assistance measures for various sectors. We worked without rest.
This morning, there will be a discussion in the Cabinet meeting because many ministries have to work together. In addition, it is expected that Mr. Pichai Chunhavachira, Deputy Prime Minister and Minister of Finance, who is the head of the international trade negotiation team or Team Thailand, will call a meeting of all departments as soon as possible.
Mr. Jatuporn said that he had already assessed that the impact of Trump’s tax measures would definitely occur after the United States announced retaliatory tax measures, which would make world trade no longer the same. It is something that affects every country, not just Thailand.
For the Ministry of Commerce, the most important thing that needs to be urgently implemented is to set a guideline to provide relief to Thai entrepreneurs, especially small and medium-sized enterprises (SMEs) that are affected by higher export costs that will affect their competitiveness. Initially, preparations are underway to use the Fund to assist those affected by trade liberalization, which is an existing mechanism to help entrepreneurs. In addition, coordination has been made with state banks to create soft loan measures to provide liquidity to exporters directly affected. Another important approach is to promote the opening of new export markets.
He also emphasized that dealing with this trade crisis requires cooperation from all sectors, whether it is the government sector, the private sector, or financial institutions. The Ministry of Commerce is ready to coordinate and push for remedial measures to proceed quickly and comprehensively, including driving other measures to create strength for Thai entrepreneurs.
The Thai Chamber of Commerce reported that several members of the Thai Chamber of Commerce and the Board of Trade of Thailand met urgently this morning to assess the impact of the United States announcing a 36% tariff on all Thai imports. They believe that this will severely affect the industrial, agricultural, and export sectors, and therefore want the government to review the proposals of both countries in order to expedite new negotiations.
It is also expected that after the cabinet meeting this afternoon, Mr. Pichai Chunhavachira, Deputy Prime Minister and Minister of Finance, Head of the International Trade Negotiation Team or Team Thailand will call all relevant parties, both government agencies and the private sector, to find a way to cope and set a direction for further negotiations.