Thailand to Initiate Trade Talks with US Amid Tariff Concerns

Economy

Thailand to Initiate Trade Talks with US Amid Tariff Concerns

5 months ago

News sources:

CHANNELNEWSASIA

BANGKOKPOST

REUTERS

Thailand to Initiate Trade Talks with US Amid Tariff Concerns

Credited from: CHANNELNEWSASIA

Thailand's finance minister will travel to the US for trade talks next week.
The country faces a 36% tariff on exports, which could be reduced.
Negotiations aim to secure lower tariffs ahead of a July deadline.
Commerce Minister expressed optimism for reaching beneficial terms.
Thailand hopes to extend negotiations beyond the current tariff moratorium.

Thai Finance Minister Pichai Chunhavajira announced on Friday that he will travel to the United States for trade talks next week. The specific date for these negotiations has been set but not disclosed, according to Channel News Asia, Bangkok Post, and Reuters.

Thailand currently faces a significant 36% US tariff on its exports, which is a critical issue for the nation's economic growth. If an agreement is not reached before the expiration of the current moratorium in July, these rates could hinder Thailand's export potential, as noted by various officials Channel News Asia, Bangkok Post, and Reuters.

Pichai Naripthaphan, Thailand's Commerce Minister, expressed optimism that the two nations could agree on a reduced tariff rate of around 10%. Thailand has submitted an official proposal following preliminary discussions, and the government hopes to extend the negotiations beyond the scheduled moratorium on the tariffs, as highlighted in recent comments Channel News Asia, Bangkok Post, and Reuters.