Thai business group cuts 2025 GDP forecast as US tariffs threaten exports
The economy was likely to grow by 1.5 per cent to 2.0 per cent this year, down from an earlier forecast of 2.0 per cent to 2.2 per cent, the Joint Standing Committee on Commerce, Industry and Banking said.
Committee chair Payong Srivanich said annual growth would fall below 1 per cent in the second half of the year from 3 per cent in the first half, after the group cut its forecast for exports to a range of a drop of 0.5 per cent to a rise of 0.3 per cent, from 0.3 per cent to 0.9 per cent growth previously.
Businesses were concerned about the uncertain status of trade negotiations with Washington, and the prospect that other nations could strike a better deal than Thailand.
'We also have to look at our neighbours ... if Vietnam receives a lower tariff than us, the impact will be quite severe,' Federation of Thai Industries chair Kriangkrai Thianuku said.
Thailand faces a 36 per cent US tariff if a reduction can't be negotiated before a moratorium expires in July, while Vietnam faces a tariff rate of 46 per cent. Hanoi has held two rounds of talks with Washington.
Payong said there were also concerns amongst firms that an appreciating baht would hit their competitiveness. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
38 minutes ago
- Straits Times
Brazil tackles COP30 hotel costs, under pressure from developing nations
FILE PHOTO: A drone view shows the \"Parque da Cidade\", one of the principal venues to host COP30 in November, in Belem, Brazil June 28, 2025. REUTERS/Marx Vasconcelos/File Photo SAO PAULO - Brazil assured worried governments on Wednesday it has organized enough rooms to accommodate the tens of thousands of people crowding into the rainforest city of Belem for the United Nations climate summit in November, even as its listings still fell short of the country's own projections for attendance. Valter Correia, Brazil's special secretary for the summit, known as COP30, laid out a plan to prioritize the needs of developing countries and island nations whose representatives expressed outrage during a conference in Bonn, Germany, that Belem's sky-high accommodation prices might exclude them from COP30. "What we are guaranteeing is that everyone can come at accessible prices," he said. "We can't leave small countries, countries that most suffer with issues related to climate change, out of this thing, it would be absolutely unthinkable." Environmental activists from around the globe had eagerly awaited Brazil's turn to host the climate summit after three years in which the conference was held in countries without full freedom for public demonstrations. Brazil chose Belem for the climate talks to focus attention on the world's disappearing rainforests, but civil society groups have been warning for months that a lack of accommodations in the Amazonian city would create barriers for many. Authorities have already identified more than 30,000 rooms available in the city, Correia said, compared to an estimate of 20,000 that United Nations officials told their Brazilian counterparts were required to accommodate delegations, journalists and observers. Still, the figure falls short of the demand from the 45,000 attendees at COP30 that Correia had projected earlier this year. He said on Wednesday that he expects Belem to meet additional demand as more private homes, hotel rooms, and alternative options, such as repurposed schools, become available. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore 2 weeks' jail for man caught smuggling over 1,800 vapes and pods into Singapore Singapore Jail for man who fatally hit his daughter, 2, while driving van without licence Sport 'Like being in a washing machine with 40 deg C water': Open water swimmers brave challenging conditions Singapore Primary 1 registration: 38 primary schools to conduct ballot in Phase 2A Singapore ComfortDelGro to introduce new taxi cancellation, waiting fee policy Business Cathay Cineplexes gets fresh demands to pay up $3.3m debt for Century Square, Causeway Point outlets Singapore Countering misinformation requires both laws and access to trusted news sources: Josephine Teo The United Nations climate change office, UNFCCC, declined a request to confirm the number. This week, Brazil also launched a booking website with 1,500 rooms for a group of 98 developing countries and island nations, priced between $100 and $220 a night, Correia said. Another 1,000 rooms will be added to the platform soon, open to all delegations, he added, with prices of up to $600 a night. The platform will later be open to everyone else. Brazil also said it has signed a contract for 3,900 cabins in two cruise ships that will park at the port city for the COP. Correia said he also expects civil society groups to find adequate accommodations. While his office is fighting price gouging, he added, it won't be able to offer everyone rooms at lower prices. REUTERS
Straits Times
38 minutes ago
- Straits Times
Trump says supporters questioning Jeffrey Epstein case are 'weaklings'
U.S President Donald Trump speaks before signing the HALT Fentanyl Act, in the East Room at the White House in Washington, D.C., U.S., July 16, 2025. REUTERS/Nathan Howard WASHINGTON - U.S. President Donald Trump on Wednesday attacked fellow Republicans critical of his administration's handling of the case of dead sex offender Jeffrey Epstein. On social media and in the Oval Office, Trump lashed out at allies he said were falling for a "hoax" pushed by Democrats, who "unlike Republicans ... stick together like glue." Epstein, a wealthy financier and convicted sex offender, was facing federal charges of sex-trafficking minors when he died by suicide in jail in 2019. He had pleaded not guilty, and the case was dismissed after his death. Some of Trump's most loyal followers were enraged when the Trump administration last week reversed course on its pledge to release documents it had suggested contained major revelations about Epstein and his alleged clientele. "It's all been a big hoax," Trump told reporters in the Oval Office. "It's perpetrated by the Democrats and some stupid Republicans, and foolish Republicans fall into the net and so they try and do the Democrats' work." On Truth Social earlier in the day, Trump said of Republicans raising concerns about the case: "Let these weaklings continue forward and do the Democrats work, don't even think about talking of our incredible and unprecedented success, because I don't want their support anymore!" The backlash over the Epstein case has laid bare tensions inside Trump's coalition and is testing one of Trump's most enduring political strengths: his ability to command loyalty and control the narrative across the right. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore 2 weeks' jail for man caught smuggling over 1,800 vapes and pods into Singapore Singapore Jail for man who fatally hit his daughter, 2, while driving van without licence Sport 'Like being in a washing machine with 40 deg C water': Open water swimmers brave challenging conditions Singapore Primary 1 registration: 38 primary schools to conduct ballot in Phase 2A Singapore ComfortDelGro to introduce new taxi cancellation, waiting fee policy Business Cathay Cineplexes gets fresh demands to pay up $3.3m debt for Century Square, Causeway Point outlets Singapore Countering misinformation requires both laws and access to trusted news sources: Josephine Teo A former Trump adviser, Mike Flynn, on Wednesday said on X that the matter was not a hoax. "With my strongest recommendation, please gather your team and figure out a way to move past this," he said. The Justice Department last week concluded there was "no incriminating client list" or any evidence that Epstein may have blackmailed prominent people. The review also confirmed prior findings by the FBI that Epstein killed himself in his jail cell while awaiting trial, and that his death was not the result of a criminal act such as murder. Some House Republicans, including Speaker Mike Johnson, have continued to call for the Justice Department to release more Epstein documents. But Republicans have blocked efforts by Democratic lawmakers to push measures that would force the agency to make those documents public. Trump, who knew Epstein socially in the 1990s and early 2000s, on Wednesday again defended Attorney General Pam Bondi's handling of the matter and said she could release any credible documents related to the case. "Whatever's credible, she can release," he told reporters. "If a document's there that's credible, she can release. I think it's good." But he was also eager to move past the issue. "I'd rather talk about the success we have with the economy," he said. REUTERS
Straits Times
2 hours ago
- Straits Times
US aims to ban Chinese technology in undersea telecommunications cables
FILE PHOTO: U.S. and Chinese flags are seen in this illustration created on March 20, 2025. REUTERS/Dado Ruvic/Illustration/File Photo WASHINGTON - The Federal Communications Commission said on Wednesday it plans to adopt rules to bar companies from connecting undersea submarine communication cables to the United States that include Chinese technology or equipment. "We have seen submarine cable infrastructure threatened in recent years by foreign adversaries, like China," FCC Chair Brendan Carr said in a statement. "We are therefore taking action here to guard our submarine cables against foreign adversary ownership, and access as well as cyber and physical threats." The United States has for years expressed concerns about China's role in handling network traffic and the potential for espionage. The U.S. has broad data security concerns about the network of more than 400 subsea cables that handle 99% of international internet traffic. Since 2020, U.S. regulators have been instrumental in the cancellation of four cables whose backers had wanted to link the United States with Hong Kong. The FCC last year said it was considering new rules governing undersea internet cables in the face of growing security concerns, as part of a review of regulations on the links that handle nearly all the world's online traffic. The FCC said it was considering barring the use of equipment or services in those undersea cable facilities from companies on an FCC list of companies deemed to pose threats to U.S, national security, including Huawei, ZTE China Telecom and China Mobile. Carr said the FCC is taking action to "guard our submarine cables against foreign adversary ownership, and access as well as cyber and physical threats." The FCC will also seek comment on additional measures to protect submarine cable security against foreign adversary equipment. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore 2 weeks' jail for man caught smuggling over 1,800 vapes and pods into Singapore Singapore Jail for man who fatally hit his daughter, 2, while driving van without licence Sport 'Like being in a washing machine with 40 deg C water': Open water swimmers brave challenging conditions Singapore Primary 1 registration: 38 primary schools to conduct ballot in Phase 2A Singapore ComfortDelGro to introduce new taxi cancellation, waiting fee policy Business Cathay Cineplexes gets fresh demands to pay up $3.3m debt for Century Square, Causeway Point outlets Singapore Countering misinformation requires both laws and access to trusted news sources: Josephine Teo The cutting of two fiber-optic undersea telecommunication cables in the Baltic Sea prompted investigations of possible sabotage. In 2023 Taiwan accused two Chinese vessels of cutting the only two cables that support internet access on the Matsu Islands and Houthi attacks in the Red Sea may have been responsible for the cutting of three cables providing internet service to Europe and Asia. REUTERS
