Photo Credit: International Accounting Bulletin
US tariff tensions are intensifying after President Donald Trump raised import duties to 15%, prompting the Thai Chamber of Commerce (TCC) to warn exporters of heightened volatility and urge the government to accelerate trade negotiations.
On Saturday, Mr Trump announced via Truth Social that global tariffs would be increased to 15%, just one day after they were lifted to 10%. The move followed a ruling by the Supreme Court of the United States, which struck down his reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
According to the post, the new tariffs take immediate effect. They are imposed under Section 122 of the Trade Act of 1974, which allows duties of up to 15% but requires congressional approval for extensions beyond 150 days.
Poj Aramwattananont, chairman of the TCC, said the development shows that the US tariff battle is far from over, adding that Washington is likely to continue using tariffs as a strategic policy tool. He warned the measures would affect exporters and global supply chains, including those in Thailand.
He also stressed the need to closely monitor currency movements, noting that uncertainty surrounding US tariff and economic policy could increase the risk of dollar depreciation—particularly if tariff revenues are later refunded—potentially strengthening the baht.
“A stronger baht combined with higher tariff costs would place additional pressure on the competitiveness of Thai exporters, especially in low-margin industries,” Mr Poj said.
The TCC expects the situation to create pressure for Thai businesses in three main areas: rising costs and weakened export competitiveness, regulatory uncertainty affecting business planning, and accelerated restructuring of global supply chains. Higher tariffs are likely to raise the price of Thai goods in the US, while frequent policy changes could disrupt contracts, investment decisions, and long-term planning, especially as the 15% rate is initially set for only 150 days.
The chamber also warned that the tariff environment could speed up production relocation and shifts in investment strategies, intensifying regional competition for foreign investment.
Mr Poj said the impact would extend to all US trading partners, heightening policy competition and trade negotiations globally. He called on the Thai government to respond through close coordination among relevant agencies, including the Ministry of Commerce, the Ministry of Foreign Affairs, the Ministry of Finance, and Thai embassies.
Thailand, he said, must fast-track trade talks, provide greater policy clarity, and deepen economic cooperation with the US to give exporters confidence in business planning, while pursuing long-term strategies to strengthen competitiveness.
Despite the risks, the TCC believes the challenges could be turned into long-term opportunities by reinforcing Thailand’s role as an alternative production base and regional trade hub, upgrading its economic structure, and enhancing business resilience.