Thai Minister Pushes for 36% Tariff Cut in Ongoing US Trade Talks
Deputy PM Pichai Chunhavajira unveils new proposal to Washington, confident it balances national benefits with US satisfaction
- Thailand's Finance Minister is negotiating with the U.S. for a 36% reduction in tariffs on Thai products.
- The second round of trade talks has concluded without a final agreement, and negotiations are still ongoing.
Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira has confirmed that the second round of formal negotiations with the United States Trade Representative (USTR) remains inconclusive, despite the submission of a revised Thai proposal.
Bangkok is reportedly aiming for a significant 36% reduction in tariffs on Thai goods.
Speaking to the press, Pichai revealed that the latest discussions took place last night, following an initial updated submission and further supplementary proposals developed after extensive consultations with various Thai sectors.
"We have reiterated our belief that this refined offer will be precisely on target and agreeable to the American side, whilst simultaneously striking an excellent balance with the interests of the Thai people and our industries," Pichai stated.
He highlighted that prior discussions and "stress tests" with Thailand's business and agricultural sectors had yielded invaluable insights.
Many stakeholders, he noted, view these ongoing negotiations as a crucial opportunity for Thailand to "overhaul" and restructure its economy.
Pichai extended his gratitude on behalf of the nation to all sectors that contributed beneficial opinions, considered the country's broader interests, and demonstrated their intent to see Thailand's continuous development reflected in the latest proposal.
"I must also express my thanks to every member of 'Team Thailand' who has collaborated tirelessly, both the team here in Thailand and our representatives in Washington D.C., across all relevant ministries and sectors," he added.
Regarding the specific tariff rate that might be agreed, Pichai was informed that the outcome of the meeting would be reported directly to the US President. Any updates from the American side would then be communicated simultaneously.
"This negotiation is, in fact, not yet finalised," Pichai clarified, indicating that further documentation work is required. He assured that 'Team Thailand' based in Washington will continue to monitor the situation closely.
