Bangkok: The Federation of Thai Industries believes that the Thai team can negotiate with the United States and urges that SMEs be taken care of. The Federation is optimistic about the negotiations but emphasizes the need for protective measures as well. The industrial sector is already adapting, with automobiles not being exported to the United States. The Federation calls on the government to utilize the budget to stimulate the economy and support SMEs to minimize the impact.
According to Thai News Agency, Mr. Nawa Chantanasurakon, Vice Chairman of the Federation of Thai Industries (FTI), highlighted at the seminar 'Unlocking Thailand's Future, Fighting the Global Crisis - UNLOCKING THAILAND'S FUTURE' that the industrial confidence index in June 2025 was 87.7, a decline compared to the previous nine months. He noted that this is not the government's fault but a result of prevailing uncertainty. The survey revealed that out of 47 industrial group members, only 12 felt confident in the industrial sector, while the remaining 35 expressed uncertainty.
Thai exports rely significantly on the US market, accounting for 18%. During a meeting with 47 industries, many expressed willingness to accept a reduction in US import taxes to 0%, except for some groups like the chemical industry, which requires more time to adjust. Preparations are underway for worst-case scenarios, with the automotive sector having already stopped exports to the US. The motorcycle and parts group, however, still requires time to adjust.
Mr. Nawa emphasized the importance of finding alternative markets despite the substantial purchasing power of the US population. He pointed out the issue of non-exportable products flooding the Thai market, which poses additional challenges. The Federation trusts that the Thai team will negotiate effectively with the US and protect SME entrepreneurs from the adverse effects of US tariffs.
The Federation also called for the Comptroller General's Department, Ministry of Finance, to prioritize the economic stimulus budget of over 150 billion baht on 'Made in Thailand' products to bolster local entrepreneurs.