Thailand's bilateral trade with the U.S. surged 72% in H1 2026—the highest growth in 36 years—driven by supply chain rebalancing and production relocation away from China. While initial tariffs under IEEPA hit 19%, effective rates averaged 8-10%, later reduced to 5.5% after the U.S. Supreme Court ruled those tariffs illegal. Thai SMEs face ongoing uncertainty around Section 301 tariffs and forced-labor tariffs (now 12.5%), but current bilateral trade momentum remains positive with U.S. exports to Thailand up 30%.