Tariff talks with the US ongoing, says Thai finance minister

Finance Minister Pichai Chunhavajira said today that tariff negotiations with the United States have not yet concluded, but have provided valuable feedback enabling his team to refine its proposal for resubmission to the US.

Speaking while travelling back from Washington, he said that his negotiating team had met with the deputy secretary of the Treasury Department, Michael Faulkender, and representatives of the US private and agriculture sectors.

Discussions between the two sides went smoothly and the US team had expressed appreciation for Thailand’s enthusiasm towards the tariff talks, he said.

Pichai said he had highlighted, to the US negotiating team, the US’s long-standing economic partnership between Thailand and that any trade agreement between the two countries should be mutually beneficial and sustainable.

On Monday, Pichai said he hopes that the reciprocal tariffs imposed on Thai exports to the US will not be higher than those imposed on other countries.

The US originally imposed a 36% reciprocal tariff on imports from Thailand, but a 90-day pause, capping the tariffs at 10% for most countries, was introduced.

It is due to expire on July 9th.

US was Thailand’s largest export market last year, accounting for 18.3% of total shipments, worth US$54.96 billion. The US has put its trade deficit with Thailand at US$45.6 billion.