Finance Ministry mulls response to Trump’s tariff policy

The government plans to launch measures to cope with uncertainties arising from US President Donald Trump’s import-tariff policy, Deputy Finance Minister Paopoom Rojanasakul said on Tuesday.

After Trump’s imposition of tariff increases on Canada, Mexico and China, Paopoom said Thai government agencies should discuss ways to cope with resultant uncertainties.

If the government comes to an agreement on the matter, a policy statement will be issued, he said, adding that US tariff policy could offer both opportunities and risks for Thailand.

“The Finance Ministry will cooperate with relevant agencies, such as the Commerce Ministry, to cope with upcoming uncertainties,” he said.Should the Thai stock market fall, Paopoom promised that the government will stabilise the economic momentum, expecting the economy to expand further on the government’s mechanisms like 10,000-baht cash handouts and Easy E-Receipt 2.0 for tax deductions.

The government will launch a new phase of the 10,000-baht cash handout scheme to stimulate consumption in the low-tourism season, he said, adding that these measures aimed to maintain Thai economic momentum.

However, he said the government has to monitor the manufacturing sector closely by ensuring that manufacturers can access loans from financial institutions.

“We should look at the long-term direction of the country's fundamentals,” he said. “Stock prices will definitely fluctuate in the short term, but will return to the country's fundamentals in the long term.”

He also confirmed that the Thai economy is moving in a positive trajectory.Paopoom said the Finance Ministry is working with the Bank of Thailand on measures to address a decline in approval of loans for purchasing trucks over the past two years.

Trucks are an important factor in earning a living, so this problem means Thai entrepreneurs are in trouble, he said.

(2025/02/04-00:00)