Thailand, US reach consensus on starting official tariff negotiations
Pichai revealed that actually, Thailand and the US had held unofficial discussions on the matter, and he believed that proposals from his country benefited both sides.
Bangkok (VNA) - The US has agreed to start official tariff negotiations with Thailand, according to Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira.
Pichai revealed that actually, Thailand and the US had held unofficial discussions on the matter, and he believed that proposals from his country benefited both sides.
The official said he will keep reporting developments about the upcoming official negotiations.
Thailand faces a 36% US tariff if a reduction cannot be negotiated with Washington before a mꦐoratorium expires in﷽ July./.
The Thai economy grew by 3.1% in Quarter 1, slightly down from 3.3% in Quarter 4 last year. Against the backdrop, the National Economic and Social Development Council reduced its annual growth projection to between 1.3-2.3%, down from the previous forecast of 2.3-3.3%.
Thailand is among the Southeast Asian nations hardest hit by measures introduced by US President Donald Trump, facing a tariff of up to 36% on its exports if a reduction cannot be negotiated before a global moratorium expires in July.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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