Thai finance minister to travel to US for trade talks
BANGKOK (Reuters) -Thai Finance Minister Pichai Chunhavajira said on Monday that he will travel to the United States later in the day for trade talks to be held over the next two days.
He said on a local news programme that he hoped U.S. tariffs levied on Thailand will not be higher than those imposed on other countries.
"I hope that no matter how much, it won't be more than anyone else's," Pichai said.
Thailand faces U.S. tariffs of 36% if it fails to negotiate a reduction before a moratorium expires on July 9. A tariff of 10% has been set for most nations while the moratorium is in place.
Earlier this month, Thai commerce minister Pichai Naripthaphan said talks between the two countries could lead to good terms on tariffs, and possibly settle on a rate as low as 10%.
Thailand has said it hopes the negotiations will be extended beyond the expiry of the tariff pause next month.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
37 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise as momentum builds for Trump trade deals, tax bill
US stock futures climbed on Monday amid signs of progress in trade talks, setting up the major gauges for more all-time highs to end one of the most volatile first halves of a year in recent memory. Dow Jones Industrial Average futures (YM=F) rose roughly 0.5%. Contracts on the S&P 500 (ES=F) moved up about 0.4%, while those on the tech-heavy Nasdaq 100 (NQ=F) jumped 0.4%. Stocks are poised to start a holiday-shortened week with fresh records in sight, as hopes rise that the US and its top trading partners are closing in on deals over the sweeping tariffs introduced by President Trump. Canada scrapped a digital services tax targeting US tech companies late on Sunday — just hours before it was set to start collecting payments — in a bid to revive stalled trade negotiations. On Friday, Trump called an abrupt halt to the talks over the tax, describing them as a "blatant attack" on the US. Despite a temporary turn lower, all three major indexes closed higher on Friday. The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) clinched new record highs for the first time since February — the start of the year's tariff-fueled stock swings. The easing in odds of a global trade war comes as a July 9 deadline looms for the resumption of sweeping US "reciprocal" tariffs, which Trump on Sunday said he didn't think he'd need to extend. So far, his administration has hammered only two accords — not full-blown agreements — with China and the UK, as the British tariff deal went into effect on Monday. Meanwhile, market watchers are closely following Senate negotiations over Trump's proposed $4.5 trillion tax cut bill, as Republican leaders race to persuade party holdouts to back the legislation. The Congressional Budget Office estimates it would add $3.3 trillion to the deficit over a decade, as it stands. The Senate is set to vote on dozens of amendments in a marathon session on Monday. Looking ahead, the June jobs report on Thursday will be a highlight, as markets increasingly grow optimistic that the Federal Reserve could cut interest rates soon. But the week's trading will be cut short, as markets will close at 1 p.m. on Thursday and remain shut on Friday for the Fourth of July holiday. Several altcoins are faltering this year as bitcoin's share of the crypto market has climbed to 64%, the highest level since January 2021. Bloomberg reports: Read more here. INmune Bio stock (INMB) tanked 60% in premarket trading on Monday after the company said its experimental drug, XPro, failed to improve cognitive functions in patients with early stages of Alzheimer's in a mid-stage study. The drug is designed to target and inhibit inflammatory signals associated with a type of protein called tumor necrosis factor without suppressing the immune system, Reuters reported. Read more here. Disney stock (DIS) rose about 2% in premarket trading Monday after Jefferies analyst James Heaney upgraded the stock. Heaney sees Disney's cruise business, content slate, and parks business fueling a rally in shares over the summer. Yahoo Finance's Brian Sozzi writes: Read more here. Yahoo Finance's Allie Canal reports: Read more here. Earnings: No notable earnings releases. Economic data: MNI Chicago PMI (June); Dallas Fed manufacturing activity Here are some of the biggest stories you may have missed over the weekend and early this morning: Warring GOP puts Trump tax bill to marathon Senate vote today Canada scraps digital services tax that Trump slammed Disney's stock has bagged a Jeffries upgrade — here's why Week ahead: Crucial jobs report looms with stocks at records Trump: TikTok buyer group found, needs China's OK Nvidia insiders cash out $1bn worth of shares Bitcoin soars, altcoins fade in $300 billion crypto shakeout China's economy shows surprising signs of strength Yahoo Finance's Josh Schafer lays out what investors should know about the week ahead: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Hewlett Packard Enterprise Company (HPE) stock rose 6% in premarket trading on Monday following the news that HPE and Juniper Networks have reached an agreement with the US Department of Justice that it will not challenge HPE's acquisition of Juniper. Palantir (PLTR) stock rose 5% before the bell and are trading at an all-time high, up 90% this year. Yahoo Finance Anchor Julie Hyman recently broke down the stock's history on a episode of Market Domination Overtime: Juniper Networks, Inc. (JNPR) stock rose 8% premarket after the DOJ said it would not pursue an investigation into HPE's acquisition of Juniper. As earning season approaches, Goldman Sachs (GS) said on Monday that US profit margins will be tested as investors await to see how President Trump's war has hurt companies. Goldman's David Kostin said Q2 earnings will show the immediate impact of tariffs, which have risen about 10% this year. Most costs will be passed on to consumers, but margins will suffer if firms absorb more than expected. Early results are mixed: General Mills (GIS) stock fell 5% last week due to a weak forecast and tariff warning, while Nike (NKE) rose 15% after announcing it will offset higher duties. Bloomberg News reports: Read more here. European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half. It's a dramatic sign of how the region's markets are staging a comeback after more than a decade in the doldrums. Bloomberg reports: Read more here. Canada has scrapped its planned digital services tax on US tech firms late on Sunday, just hours before it was due to come into effect. The move aims to revive stalled trade talks with the US, which President Trump suddenly halted on Friday over the tax, calling it a "blatant attack" on American tech companies. US stock futures rose as investors welcomed the news. Benchmark stock indexes in Tokyo and Shanghai also moved higher amid optimism that the US and its top trading partners can hammer out trade deals. Prime Minister Mark Carney and Trump now plan to reach a deal by July 21, Canada's finance ministry said. Trump warned on Friday that he would set new tariffs on Canadian goods within a week, risking fresh tension between the two countries. The White House has set a July 9 deadline for trading partners to broker deals with the US over the sweeping 'reciprocal' tariff rates announced in early April. The 3% tech tax would have hit firms like Apple (AAPL), Google (GOOG), and Amazon (AMZN) starting on Monday. Canada will now bring forward legislation to cancel the tax. "The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians," a statement from the Canadian finance ministry said. "Canada's preference has always been a multilateral agreement related to digital services taxation." Oil prices fell overnight Sunday as global markets adjusted to the easing of tensions in the Middle East, in combination with a commitment from OPEC+ to increase supply in August. Reuters reports: Read more here. Several altcoins are faltering this year as bitcoin's share of the crypto market has climbed to 64%, the highest level since January 2021. Bloomberg reports: Read more here. INmune Bio stock (INMB) tanked 60% in premarket trading on Monday after the company said its experimental drug, XPro, failed to improve cognitive functions in patients with early stages of Alzheimer's in a mid-stage study. The drug is designed to target and inhibit inflammatory signals associated with a type of protein called tumor necrosis factor without suppressing the immune system, Reuters reported. Read more here. Disney stock (DIS) rose about 2% in premarket trading Monday after Jefferies analyst James Heaney upgraded the stock. Heaney sees Disney's cruise business, content slate, and parks business fueling a rally in shares over the summer. Yahoo Finance's Brian Sozzi writes: Read more here. Yahoo Finance's Allie Canal reports: Read more here. Earnings: No notable earnings releases. Economic data: MNI Chicago PMI (June); Dallas Fed manufacturing activity Here are some of the biggest stories you may have missed over the weekend and early this morning: Warring GOP puts Trump tax bill to marathon Senate vote today Canada scraps digital services tax that Trump slammed Disney's stock has bagged a Jeffries upgrade — here's why Week ahead: Crucial jobs report looms with stocks at records Trump: TikTok buyer group found, needs China's OK Nvidia insiders cash out $1bn worth of shares Bitcoin soars, altcoins fade in $300 billion crypto shakeout China's economy shows surprising signs of strength Yahoo Finance's Josh Schafer lays out what investors should know about the week ahead: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Hewlett Packard Enterprise Company (HPE) stock rose 6% in premarket trading on Monday following the news that HPE and Juniper Networks have reached an agreement with the US Department of Justice that it will not challenge HPE's acquisition of Juniper. Palantir (PLTR) stock rose 5% before the bell and are trading at an all-time high, up 90% this year. Yahoo Finance Anchor Julie Hyman recently broke down the stock's history on a episode of Market Domination Overtime: Juniper Networks, Inc. (JNPR) stock rose 8% premarket after the DOJ said it would not pursue an investigation into HPE's acquisition of Juniper. As earning season approaches, Goldman Sachs (GS) said on Monday that US profit margins will be tested as investors await to see how President Trump's war has hurt companies. Goldman's David Kostin said Q2 earnings will show the immediate impact of tariffs, which have risen about 10% this year. Most costs will be passed on to consumers, but margins will suffer if firms absorb more than expected. Early results are mixed: General Mills (GIS) stock fell 5% last week due to a weak forecast and tariff warning, while Nike (NKE) rose 15% after announcing it will offset higher duties. Bloomberg News reports: Read more here. European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half. It's a dramatic sign of how the region's markets are staging a comeback after more than a decade in the doldrums. Bloomberg reports: Read more here. Canada has scrapped its planned digital services tax on US tech firms late on Sunday, just hours before it was due to come into effect. The move aims to revive stalled trade talks with the US, which President Trump suddenly halted on Friday over the tax, calling it a "blatant attack" on American tech companies. US stock futures rose as investors welcomed the news. Benchmark stock indexes in Tokyo and Shanghai also moved higher amid optimism that the US and its top trading partners can hammer out trade deals. Prime Minister Mark Carney and Trump now plan to reach a deal by July 21, Canada's finance ministry said. Trump warned on Friday that he would set new tariffs on Canadian goods within a week, risking fresh tension between the two countries. The White House has set a July 9 deadline for trading partners to broker deals with the US over the sweeping 'reciprocal' tariff rates announced in early April. The 3% tech tax would have hit firms like Apple (AAPL), Google (GOOG), and Amazon (AMZN) starting on Monday. Canada will now bring forward legislation to cancel the tax. "The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians," a statement from the Canadian finance ministry said. "Canada's preference has always been a multilateral agreement related to digital services taxation." Oil prices fell overnight Sunday as global markets adjusted to the easing of tensions in the Middle East, in combination with a commitment from OPEC+ to increase supply in August. Reuters reports: Read more here. Sign in to access your portfolio
Yahoo
44 minutes ago
- Yahoo
Thousands of protesters take to streets demanding Thai prime minister's resignation over leaked phone call
Thousands of protesters gathered in Bangkok demanding prime minister Paetongtarn Shinawatra's resignation after a leaked phone call between her and former Cambodian leader Hun Sen sparked public outrage. The rally, the largest since her party took power in 2023, was led by long-time opponents of the Shinawatra political dynasty, accusing her government of failing to uphold democratic principles. Protesters claim Ms Paetongtarn is being influenced by Hun Sen and her father, Thaksin Shinawatra. Undeterred by the monsoon rain, thousands of demonstrators gathered at the Victory Monument in Bangkok on Saturday, blocking roads, waving Thai flags and holding placards with slogans like 'PM is enemy of state'. Protest leader Parnthep Pourpongpan declared that Ms Paetongtarn 'should step aside because she is the problem', according to BBC News. Ms Paetongtarn, 38, is the daughter of ousted former prime minister Thaksin Shinawatra, who returned to Thailand last August after 15 years in exile. In office for just 10 months, she is the country's second female prime minister, following in the footsteps of her aunt, Yingluck Shinawatra. The campaign group – the United Power of the Land to Protect Sovereignty group – vowed to intensify its campaign against the prime minister after a surprisingly large crowd joined their rally at Bangkok's Victory Monument on Saturday, The Bangkok Post reported. The group has also rejected claims by the Pheu Thai Party and others that they are advocating for a military coup. Besides demanding the prime minister's immediate resignation, the group has called for all coalition parties to withdraw from the government. In a statement, the group accused the executive branch and parliament of failing to act 'in the interest of democracy and constitutional monarchy', according to Reuters. Veteran Thai protest leader Sondhi Limthongkul told supporters he does not want the political crisis to escalate into another military coup, but added he 'won't object if the military does something', The Bangkok Post reported. Speaking to thousands at Bangkok's Victory Monument on Saturday evening, he said: 'Do not bring in those generals [to govern]. Let people like us in [the government],' he said. Mr Sondhi told the crowd: 'If we forget history, we are doomed to repeat it. Twenty years ago, I stood on a stage calling for Thaksin to step down. Now, two decades later, I'm forced to call for his daughter's resignation.' 'This is not the last protest. If change must come from the streets again, then so be it.' In the call with Hun Sen, Ms Paetongtarn appeared to blame Thailand's military for escalating border tensions with Cambodia and used a conciliatory tone, including referring to Mr Hun Sen as 'uncle'. The call came after a border dispute escalated into an armed clash on 28 May in a small piece of no man's land claimed by both countries. The clash resulted in the death of a Cambodian soldier. The call, leaked after the former Cambodian leader reportedly distributed it to some 80 politicians, outraged nationalists in Thailand and led to the Bhumjaithai party, Ms Paetongtarn's largest coalition partner, quitting the government and bringing it near collapse. The Thai prime minister has publicly apologised for the leaked call and insisted that it was a negotiation tactic, but critics claim it undermined Thailand's national sovereignty. The two countries share a thorny relationship, especially over border disputes. 'I would like to apologise for the leaked audio of my conversation with a Cambodian leader, which has caused public resentment,' Ms Paetongtarn said earlier. Hun Sen, on his part, had taken to Facebook to share the entire phone conversation 'to avoid any misunderstanding or misrepresentation in official matters'. Ms Paetongtarn explained that the call to Hun Sen was made from her personal phone, and she had no knowledge it was being recorded or would be made public. She said her government remained fully committed to supporting the Thai military. The Shinawatra family in Thailand and the Hun family in Cambodia have long-standing personal ties, reportedly referring to each other as 'godbrothers'. Critics in Thailand see this closeness as compromising Thai interests, particularly in sensitive border negotiations. Meanwhile, support for Ms Paetongtarn has dropped significantly, according to a new political survey conducted between 19 June and 25 June, The Nation Thailand reported. It polled 2,500 people across various demographics and regions. Nonarit Bisonyabut, a senior researcher at the Thailand Development Research Institute (TDRI), said the sharp decline in support for Ms Paetongtarn and her government reflected a rising public appetite for new solutions to the country's problems, potentially even paving the way for a general election to bring in alternative policy visions. 'The decline in the prime minister's popularity reflects an accelerating loss of public confidence in the government and its past performance,' Mr Nonarit said. Kriangkrai Thiannukul, chairman of the Federation of Thai Industries (FTI), said: 'Mass protests are not a good sign. They directly undermine Thailand's leverage in international negotiations. Next week, the government will enter retaliatory tariff talks with the United States, led by the Deputy Prime Minister and Commerce Ministry officials. If political unrest makes headlines, it could affect Thailand's credibility, weakening its negotiating position.' On Tuesday, a constitutional court in Thailand will consider the petition for Ms Paetongtarn's removal.
Yahoo
an hour ago
- Yahoo
Mark Carney caves in on tech tax to appease Trump
Canada has abandoned plans to impose a new digital services tax on US companies in a bid to revive trade talks with Donald Trump. Mark Carney's government axed the new levy just hours before it was due to come into effect on Monday, with the country racing to secure a deal with America before a looming deadline on July 21. The Canadian prime minister agreed to resume talks with the US president during a phone call on Sunday, easing tensions after Mr Trump said on Friday that he was 'terminating all discussions' with Ottawa. It came after Mr Trump condemned the proposed digital services tax, which he described as a 'blatant attack' on US tech companies. The tax would have imposed a 3pc levy on the digital services revenue a company earned from Canadian users above $20m (£14.6m) in a calendar year, backdated to 2022. The dollar fell towards a four-year low against sterling in the wake of Canada's climbdown, as investors hope it will increase the chance of a trade deal before the deadline and lead to lower interest rates. François-Philippe Champagne, Canada's finance minister, said: 'Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress.' Meanwhile, there are now just 10 days to go before a 90-day suspension of Mr Trump's 'liberation day' tariffs expires on July 9, potentially reigniting global trade chaos. So far, the US has only officially announced a trade deal with Britain – which has reduced tariffs on UK car exports and aerospace equipment as of today. A second agreement between the US and China has also been struck to free up the trade of rare earth minerals between the countries. Scott Bessent, the US treasury secretary, said on Friday that about 20 countries that fail to strike a deal by next Wednesday could continue to negotiate with the US. However, he warned they could face the higher rates set out by President Trump on April 2, or stay at the present baseline 10pc level if they are considered to be 'negotiating in good faith'. But hours later, Mr Trump reiterated his threat to reinstate higher tariffs on countries that had not made trade deals. He said: 'We can do whatever we want. I'd like to just send letters out to everybody: 'Congratulations. You're paying 25pc'.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
