Thai Finance Minister races to finalise US tariff proposal before August 1 deadline

“We’ve been working on it since early this morning, constantly in contact with the US. We responded to their earlier feedback yesterday and are now fine-tuning the details. It’s a delicate matter, but we’re doing what we can. Although it’s difficult, we expect to send a final version later today,” he said.

When asked whether Thailand could conclude the negotiations in time, Pichai said there was still one day left and the team had been working day and night to improve the proposal. However, he acknowledged there was no guarantee that the US would respond in time.

Pichai also addressed the updated 2025 GDP forecast from the Fiscal Policy Office (FPO), which has been revised upwards from 2.1% to 2.2%. He called it a positive signal that reflects a gradual recovery, despite ongoing risks.

“It’s slightly better than expected. Three months ago, the projection was 2.1%, and now it’s 2.2%. I believe they factored in tourism, which has dipped, but exports remain stable. We’ll have to see how the second half plays out — they want to assess other developments as well,” he said.

On the Thailand-Cambodia border situation, Pichai acknowledged there would be some economic impact but stressed that the current conflict had not become a barrier to ongoing negotiations.

“The border situation can have two sides. Yes, it might cause some disruption, but when we have relief measures in place, they help compensate for the impact. There may also be a need for additional spending on repairs, which could be seen as injecting more funds into the economy,” he noted.