Thailand Welcomes US Tariff Reduction as Deputy PM Hails 'Strong Friendship'

Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira has expressed gratitude following the United States' announcement of reduced tariff rates, with Thailand's duties decreasing from 36% to 19%—bringing the kingdom in line with fellow ASEAN nations Malaysia, the Philippines, and Cambodia.

Writing on social media on Friday, Pichai described the 19% tariff rate as a reflection of the "strong friendship and close partnership between Thailand and the United States." 

He emphasised that the reduced rate would help maintain Thailand's global competitiveness, boost investor confidence, and create opportunities for economic growth and increased income.

Acknowledging the ongoing challenges, Pichai stressed that the government remains fully aware of the impact on entrepreneurs, small and medium enterprises, and farmers. 

"The work is still in progress," he stated, outlining comprehensive support measures including budget allocations, soft loans, subsidies, tax incentives, and necessary regulatory reforms to help Thailand adapt to the evolving global economic landscape.

The Finance Minister characterised the negotiation outcome as a signal that Thailand must accelerate its economic adaptation and build a more stable, resilient economy capable of facing future global challenges.

Pichai concluded his statement by thanking "Team Thailand" for their dedication and tireless efforts during what he described as a difficult situation, whilst acknowledging that significant work remains ahead.

"We will continue to give our full effort—for our Thailand, for all of us," he declared.