泰国大城银行研究中心：2025年贸易战2.0：迫在眉睫的长期风险研究报告（英文版）

The announcement of a framework for a trade agreement between Thailand and the U.S. on October 26 might be considered “good news” by many parties. However, Thailand had to make substantial concessions to the U.S. in exchange for a reciprocal tariff of 19%, which is higher than the Effective Tariff Rate (ETR) previously imposed on Thailand, averaging only 0.7%. Meanwhile, Thailand remains subject to product-specific tariffs under Section 232 at the same rate as most countries and risks facing