BANGKOK — “We hope the U.S. will remember our shared history. Our goal is to foster a strategic partnership,” Thaksin Shinawatra said at the event of the American Chamber of Commerce in Thailand (AMCHAM) on Thursday night after Thai and U.S. officials postponed tariff talks initially slated for this week.
AMCHAM website stated that its members welcomed Thaksin for an exclusive dinner and candid conversation with members of the American business community on April 24. Other guests included U.S. Ambassador to Thailand Robert Godec, Deputy Prime Minister and Minister of Digital Economy and Society Prasert Jantararuangtong, Minister of Foreign Affairs Maris Sangiampongsa, and Minister of Commerce Pichai Naripthaphan.
Thaksin shared his perspectives on key economic issues, including incentives to attract investment, Thailand’s economic outlook, innovation potential, and its strategic role in both regional and global contexts.
“Drawing on his extensive experience in both politics and business, he offered valuable insights into the opportunities and challenges facing Thailand in today’s rapidly evolving landscape,” it stated.
According to Bloomberg, Thaksin Shinawatra said Thailand must reform its import regulations and investment promotion policies in response to potential US tariffs that could harm the country’s export-driven economy.
Thaksin described the threatened 36% levy on US-bound exports as a “good wake up call” for his daughter Prime Minister Paetongtarn Shinawatra’s government to address issues with foreign manufacturers bypassing local content requirements.
He specifically mentioned Thailand’s electric vehicle industry, which has attracted significant Chinese investment through government incentives.
“We have a huge deficit with China and we have a moderate surplus with the US. Maybe something is wrong here,” Thaksin noted, adding that “we’re going to change our policy because of the tariffs.”
His comments came as Thai officials prepared to negotiate with the US to reduce the “reciprocal tariff” – one of the highest rates imposed by the Trump administration. Thailand had a $46 billion trade surplus with the US, its largest export market, last year.
Thaksin’s statements suggest a potential policy shift for Thailand, which has benefited substantially from Chinese investments amid global supply chain relocations. From 2022-2024, Chinese companies were Thailand’s largest source of foreign direct investment at nearly 28%, compared to about 8% from US companies.
The situation highlights the challenge for countries like Thailand trying to maintain neutrality between the US and China. While Washington is pressuring countries to reduce Chinese trade connections, Beijing has warned against making deals with the US that could harm its interests.
Thailand is reportedly willing to adjust import tax policies to favor US goods through bilateral agreements rather than adhering strictly to WTO rules. Thaksin mentioned US corn and liquefied natural gas as products Thailand plans to import more of to help narrow the trade gap.
PM Paetongtarn previously noted that the US-Thai tariff talks were postponed because Washington wanted her administration to review certain issues first. She has ordered officials to stop misuse of certificates of origin by foreign companies attempting to evade US tariffs, covering 65 items across 224 tariff codes, most of which are industrial products.
While acknowledging that negotiating with the US is “quite tough,” Thaksin assured American business representatives that Thailand was well-prepared for talks, stating they are “not as simple as ‘how many percent'” and that the government is “ready to go anytime the U.S. want us to go.”
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