FTI urges urgent tariff relief steps

HELP FOR EXPORTERS NEEDED, IT SAYS

- POST REPORTERS

»The Federation of Thai Industries (FTI) has urged the government to act swiftly to counter looming US tariffs by implementing relief measures for exporters and expanding market access to safeguard Thailand's competitiveness.

The FTI is concerned over the US' imminent enforcement of reciprocal tariffs targeting 22 countries, including Thailand, from Aug 1.

FTI chairman Kriengkrai Thiennukul yesterday said the federation is gathering data from industry groups to submit to the Ministry of Finance, with the aim of initiating negotiations to reduce the retaliatory tariffs and protect Thailand's competitiveness in the US market.

In the first quarter of 2025, exports accounted for over 58% of gross domestic product (GDP), with industrial goods comprising 47%. The FTI warned that failure to reduce tariffs could inflate export costs, erode competitiveness and undermine investor confidence.

The newly announced 36% tariff on Thai goods could result in export losses of 800 billion-900 billion baht.