U.S. Tariff Stick to Thailand

Release time:

2019-11-06

Recently, the United States suddenly announced that it would cancel the "GSP tariff treatment" for more than 500 Thai commodities in April 2020, which will cost Thailand more than 40 billion baht (about US $1.3 billion) in export revenue. The US side said that the move was a punishment for Thailand's non-compliance with international standards in protecting labor rights.

In response to the above allegations made by the United States, Thai Labor Minister Zadu Mengkong said recently that Thailand does not agree with the unreasonable demands of the United States. He believes that Thailand's labor law provides protection for local and foreign workers in line with international standards. The Ministry of Labor's policy is based on Thai laws and must conform to Thailand's basic national conditions and cannot copy foreign laws or standards.

Thai Prime Minister Prayut recently responded to the Mattel tariff turmoil. He said that he was not too worried about this matter, because the export volume of the "GSP tariff treatment" in the Thai-US trade is not too large, and the impact on the Thai economy is limited., And there are still six months to negotiate with the United States. Deputy Prime Minister and Minister of Commerce Zhu Lin said that the US decision will cost Thailand 40 billion Thai baht (about US $1.3 billion) in exports. In the past, the US side has also canceled the treatment of Thai HP, but the US side will reconsider and restore part of the treatment after the Thai side appeals. Deputy Prime Minister and Minister of Health Anuting said that he must have full confidence in Thai products and the global market's demand for Thai products. Although the cancellation of "Pratt & Whitney" will have a certain impact on the Thai economy, the United States will also suffer as a result.

Officials from the Trade Policy and Strategy Office of the Ministry of Commerce of Thailand said that the measure will take effect on April 25 next year, when 573 Thai commodities will be subject to 4.5 import tariffs, including agricultural products, seafood, fruits, vegetables, daily necessities, etc., resulting in a decline in Thailand's exports to the United States next year, but most of Thailand's industrial products exported to the United States are not affected by the cancellation of this round of inclusive benefits, and the overall impact on Thailand's exports is limited.

(Source: International Online)

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