Illustrative image (Source: Reliance Foundry)Bangkok (VNA) – The US hasgranted an exemption of 25 percent import tariff to Thailand’s steel pipes,according to the Thai Ministry of Commerce.
This is the outcome of atwo-month negotiation between the Thai Ministry of Commerce and the USDepartment of Commerce.
"Although the US Departmentof Commerce has yet to grant a waiver on import tariffs for all shipments fromThailand, exporters can ask for an exemption for each shipment. This is goodnews for Thailand," said Wanchai Varavithya, Deputy Director-General ofthe Commerce Ministry's Foreign Trade Department.
On March 3, US President DonaldTrump imposed a 25 percent tariff on steel imports and a 10 percent tariff onaluminum.
In a bid to curb the harm fromthe higher US tariffs, Thailand, through its Ministry of Commerce, has sinceApril requested a number of trade privileges aimed at helping Thai exporterscompete in both the US and global markets, using the vehicle of the Thailand-USTrade and Investment Framework Agreement meeting in Washington DC.
The Iron and Steel Institute ofThailand estimates that the country will lose 383,496 tonnes or 10.47 billionbaht (326.3 million USD) worth of steel exports (notably for steel pipe,cold-rolled steel and galvanised steel sheet) as a direct consequence of the UStariffs.
For indirect impacts, theinstitute said Thailand is likely to encounter a flood of foreign steel, as theUS tariffs are expected to redirect 27.03 million tonnes of steel into ASEANmarkets.-VNA
This is the outcome of atwo-month negotiation between the Thai Ministry of Commerce and the USDepartment of Commerce.
"Although the US Departmentof Commerce has yet to grant a waiver on import tariffs for all shipments fromThailand, exporters can ask for an exemption for each shipment. This is goodnews for Thailand," said Wanchai Varavithya, Deputy Director-General ofthe Commerce Ministry's Foreign Trade Department.
On March 3, US President DonaldTrump imposed a 25 percent tariff on steel imports and a 10 percent tariff onaluminum.
In a bid to curb the harm fromthe higher US tariffs, Thailand, through its Ministry of Commerce, has sinceApril requested a number of trade privileges aimed at helping Thai exporterscompete in both the US and global markets, using the vehicle of the Thailand-USTrade and Investment Framework Agreement meeting in Washington DC.
The Iron and Steel Institute ofThailand estimates that the country will lose 383,496 tonnes or 10.47 billionbaht (326.3 million USD) worth of steel exports (notably for steel pipe,cold-rolled steel and galvanised steel sheet) as a direct consequence of the UStariffs.
For indirect impacts, theinstitute said Thailand is likely to encounter a flood of foreign steel, as theUS tariffs are expected to redirect 27.03 million tonnes of steel into ASEANmarkets.-VNA
VNA
