Thailand’s inance Minister Pichai Chunhavajira in Bangkok. File picture
| Photo Credit: REUTERS
Thailand’s formal trade proposal might be submitted to the U.S. this week, with the primary spherical of discussions set to happen on-line, the nation’s Finance Minister stated on Tuesday (June 17, 2025), because it seeks to head off the specter of larger U.S. tariffs.
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The Southeast Asian nation faces a 36% U.S. tariff on its exports if a discount can’t be negotiated earlier than a 90-day pause that caps President Donald Trump’s “reciprocal” tariffs at a baseline of 10% expires in July.
Formal trade negotiations with the United States will start this week, beginning with technical discussions on the official stage, Finance Minister Pichai Chunhavajira advised reporters.
“The latest formal proposal will be submitted following these discussions this week. After that, the first round of discussions with the U.S. will be conducted online,” he stated, with out giving a date.
Any potential in-person conferences can be thought of after the preliminary talks, Mr. Pichai stated.
The formal proposal to be submitted can be underneath the primary standards beforehand introduced, he stated.
Last month, Mr. Pichai stated the nation had submitted a proposal to Washington that goals to deal with the trade imbalance, and consists of measures to improve market entry for U.S. exports and deal with transshipment violations, in addition to Thai funding that might create U.S. jobs.
On Monday, the Commerce Minister expressed confidence that each international locations might agree on good phrases on tariffs, presumably as little as 10%.
The United States was Thailand’s largest export market final 12 months, accounting for 18.3% of whole shipments value $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion.
A gathering to contemplate a 157 billion baht ($4.8 billion) financial stimulus undertaking might be held on Wednesday, Pichai stated, to assist a sluggish financial system, which might develop by simply over 1% this 12 months due to the impression of U.S. tariffs.
Pichai additionally stated he’s open to working with any candidate chosen as the subsequent central financial institution governor from the listing of candidates, leaving the choice to the choice committee.
He stated he has already been intently participating with the central financial institution on numerous collaborative issues.
Published – June 17, 2025 12:30 pm IST