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Trump tariffs on Thailand return to original rate; SET Index nosedives
United States President Donald Trump disembarks Air Force One as he arrives at Palm Beach International Airport in West Palm Beach, Florida, on Thursday. (Photo: Reuters)
United States President Donald Trump disembarks Air Force One as he arrives at Palm Beach International Airport in West Palm Beach, Florida, on Thursday. (Photo: Reuters)
The US administration has readjusted tariff rates on Thailand back to the original figure, as fears of a trade war caused Thai shares to decline on Friday.
The latest tariff annex released by the White House on Thursday indicated that reciprocal tariffs imposed on Thailand are set at 36%, down one percentage point from the previous figure.
When Trump announced the retaliation measure on Wednesday, the rate for Thailand was initially indicated as 36% before it was later increased to 37%.
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The reciprocal tariffs applied to the kingdom will take effect on April 9.
The US trade retaliation campaign caused the Stock Exchange of Thailand (SET) to plunge on Friday, mirroring the decline in global markets following the tariff announcement by US President Donald Trump.
The SET index went downhill by 30.25 points, or 2.60%, to 1,131.56 in the morning trade.
Two industrial estate companies, WHA Corporation and Amata Corporation, were among the listed companies suffering losses. WHA stocks dropped by 12 satang, or 3.87%, to 2.98, while Amata shares fell even further, plunging 2.10 baht, or 11.67%, to 15.90.
The reciprocal tariffs could result in economic losses for Thailand of 359 billion baht, reducing gross domestic product (GDP) by nearly 2%, according to the University of the Thai Chamber of Commerce (UTCC).
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quote originally posted by seelangui:
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