Thai Deputy PM to travel to US for trade talks next week
Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on Friday said that he will travel to the U.S. for trade talks next week.
Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira. Photo courtesy of Nation Thailand.
Thailand faces a 36% US tariff on its exports if it fails to negotiate a reduction before a moratorium expires in July.
Pichai refuted widespread reports claiming that the U.S. has imposed an 18% import tax on Thai goods, clarifying that the figure is merely an "estimate" used by the Bank of Thailand and economists for modelling potential economic impacts.
The Southeast Asian nation began its much-delayed talks with the U.S. to negotiate down the levy and submitted an official proposal on June 20 following working-level talks, Permanent Secretary for Commerce Vuttikrai Leewiraphan said on June 18.
Thailand’s proposals are good and stand a chance of bringing down the tariff to the 10% baseline, according to Vuttikrai.
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