Flash | Tariff risks unlikely to alter competitive dynamics – The tariff outlook remains uncertain, as the U.S. Section 301 forced-labor investigation has proposed an additional 12.5% tariff (The Nation, 3 June) on Thai imports, potentially replacing the current 10% baseline tariff after its expiry. However, we view that Thailand would broadly maintain its relative competitiveness vs. other ASEAN manufacturing hubs (Vietnam and Philippines) and China as they expect to face the same headwinds from section 30 ...