(Bangkok, May 5) Former Thai Finance Minister Suchart Thadathamrongvej recently stated in an exclusive interview with Xinhua News Agency that the U.S.’s tariff increases are unilateral measures lacking theoretical justification. These policies have severely impacted developing countries, including Thailand, while also harming U.S. consumers. He urged nations not to yield to unreasonable demands from the U.S.
"We have no reason to succumb to U.S. pressure," Suchart said in the May 5 interview. "Nations that choose to compromise will suffer even greater harm in the long run. Once you bow down, they will keep pushing further—it never ends."
Suchart criticized the U.S. for announcing and repeatedly adjusting a series of tariff policies, which he said have seriously disrupted global trade order. "Trade in most parts of the world is severely affected, creating significant uncertainty for all countries," he said.
"The U.S. Is Hurting Its Own People"
A former economics professor, Suchart believes the U.S.’s justifications for imposing tariffs lack theoretical basis. He pointed out that the costs of these tariffs are primarily borne by U.S. consumers rather than foreign exporters. While some industries may return to the U.S. due to the tariffs, rebuilding them takes time and cannot offset the negative effects.
"The U.S. is hurting its own people," he said. "Goods are disappearing from supermarket shelves, and prices are skyrocketing."
In his view, the U.S. has been a major beneficiary of the global trade system. "For a long time, the U.S. has relied on printing money to purchase goods from around the world. The world trades tangible goods for printed money. The U.S. has little reason to complain," he added.
Severe Impact on Export-Oriented Economies
Suchart highlighted that export-oriented economies like Thailand are severely affected by the U.S.’s tariff measures. Export plans typically require months of preparation, but sudden tariff changes leave countries and businesses unable to adjust production and market strategies in time.
Thailand’s Ministry of Finance announced on May 1 that, due to U.S. tariff measures and a global economic slowdown, the country’s 2025 economic growth forecast has been lowered from 3% to 2.1%. The Bank of Thailand noted in late April that in the worst-case scenario, economic growth this year might only reach 1.3%.
Suchart urged nations to firmly safeguard their interests in response to U.S. tariff pressures. ASEAN countries, he said, should continue to support free trade, strengthen relationships with other trading partners, and coordinate through ASEAN to protect shared interests. "Over-relying on a large, unpredictable market like the U.S. puts us in danger," he warned.