The Bank of Thailand says the US Section 301 tariff is still under watch. Thailand currently faces 12.5% on goods tied to forced labour, close to the 10% most others get. The key risk is an August Excess Capacity ruling that could add a further tariff on Thailand, and the amount is not yet known. Exporters should model a higher US tariff scenario in Q3 pricing and orders. Also note: Q2 GDP is due 17 August, and the BoT expects 2026 inflation slightly below forecast, though Hormuz supply risk and baht volatility remain.