BANGKOK – Thailand has prepared more economic stimulus focused on creating jobs, Finance Minister Pichai Chunhavajira said on Thursday, adding that a 90-day pause on US tariffs announced overnight would give officials more time to prepare a response.
“As the situation changes, we have to adjust,” Pichai told reporters, adding that Thailand will focus on balancing trade.
A drop in exports would impact manufacturing and employment and so mitigation measures had been prepared, he said.
When the tariffs were announced last week, Pichai had said they could cut growth in Southeast Asia’s second-largest economy by 1 percentage point.
Thailand has said it would increase imports from the United States and lower tariffs as it seeks to negotiate a better deal.
Measures imposed this week to curb stock market volatility will be eased later in April, Pichai said.
The Stock Exchange of Thailand this week imposed a ceiling and floor on stock trading to 15 percent from 30 percent and banned short-selling to reduce volatility.
Thai consumer confidence dropped for a second straight month in March to hit its lowest level in five months due to higher living costs, sluggish economic growth and concern over US trade tariffs, a survey showed on Thursday.
The consumer index of the University of the Thai Chamber of Commerce fell to 56.7 in March from 57.8 in February, the university said in a statement.
“It’s clear that the fallen confidence index was driven by the trade war, which may cause problems for Thai exports and tourism and slow economic recovery,” university president Thanavath Phonvichai told a press conference.
