Thai-US trade negotiations not concluded yet, minister says after talks

Business Times

a day ago

[BANGKOK] Thailand has not yet reached a conclusion on trade talks with the United States and will work on a new proposal, the finance minister said on Friday (Jul 4).
Speaking while travelling back from Washington from negotiations with the US, Pichai Chunhavajira said the team emphasised the importance of achieving a sustainable, win-win agreement.
Washington has threatened to impose a 36 per cent levy on imports from Thailand if a reduction cannot be negotiated before Jul 9, when a 90-day pause capping tariffs at a baseline of 10 per cent for most nations expires.
The US was Thailand's largest export market last year, accounting for 18.3 per cent of total shipments, or US$54.96 billion. Washington has put its deficit with Thailand at US$45.6 billion.
'Although the negotiations have not yet reached a final outcome, it means we need to continue working to maximise the benefits for both countries,' Pichai said on X social media.
He said the team would work harder to refine Thailand's proposals to ensure clarity, aiming for an agreement that benefits both parties.
On Monday, Pichai said he hoped the tariffs would not be higher than those imposed on other countries. He earlier said Thailand had submitted a proposal to Washington that aims to address the trade imbalance, and includes measures to enhance market access for US exports and tackle transshipment violations, as well as Thai investment that would create US jobs. He also said earlier that Thailand would import more US natural gas and cut tariffs on imports of corn from the US. REUTERS