Exports to US may get '18% tariff'
Despite this, the source said the Thai government remained optimistic as it awaits the outcome of ongoing high-stakes trade negotiations with Washington. Officials had expressed confidence in the negotiations while preparing contingency plans to mitigate any potential economic impact, the source said.
This comes as acting Prime Minister Phumtham Wechayachai said US President Donald Trump had personally called him following successful Thai-Cambodian conflict negotiations in Malaysia.
Mr Phumtham said Mr Trump on Monday expressed admiration for Thailand's diplomatic efforts and signalled satisfaction with Thailand's handling of regional tensions, adding that the US leader promised to manage the tariff issue "in the best possible way", although no specific details were disclosed.
"I believe the results of our discussions and the negotiations led by Finance Minister Pichai Chunhavajira will be favourable," he said.
In Washington, Mr Trump on Thursday imposed new tariffs to punish or favour major trading partners, as governments raced to strike deals with Washington less than 24 hours before Friday's deadline.
South Korea squeezed in at the last moment, securing agreement on a 15% tariff for exports to the US, significantly below the 25% that Mr Trump had earlier threatened to introduce. The 15% rate on Seoul was equivalent to levies determined from deals with Japan and the EU.
An additional unspecified "large sum of money" will be invested by South Korea in the US, Mr Trump said. Seoul's presidential office said tariffs on automobiles -- one of Seoul's key exports -- would also stay at 15%.
Mr Trump also announced crippling 50% tariffs on Brazil and a 25% levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognise a Palestinian state.
Mr Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his ally, Jair Bolsonaro, who is accused of attempting a coup in Latin America's biggest economy.
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