Thailand weighs access to zero market for more American goods that will help convince Trump’s administration to reduce the endangered 36% tariff on its exports.
Thailand, which has previously reduced tariffs to imports of Longan and Tilapia fish from other countries, could reduce the fee for the US to zero, the Minister of Finance Picai Chunahavajira said. The government may also change existing regulations that allow vehicles from the US from the US and remove taxes from goods already included in free trade agreements with other countries, he said.
The US promotes “ambitious proposals”, the Minister said on Monday in Bangkok on a business seminar without developing. Both sides remain involved in the ongoing dialogue to achieve the agreement, he said.
Thai officials are optimistic about the completion of the agreement before the deadline of August 1, set by President Donald Trump. Thailand has undertaken to remove import obligations to 90% of American goods and remove various non -tariff barriers. The government also offered an increase in purchases of US agricultural and energy products in an effort to reduce its trade surplus last year was $ 46 billion.
In 2024, the US was the largest export target of Thailand, which represents approximately 18% of total shipments. Thai exports increased by about 15%during the first five months of this year, driven by accelerated orders before the expected implementation of tariffs.
Some of the American requirements for business conversations exceed tariff and non-tariff reduction and cover geopolitical problems, Pichai said on Monday to a business seminar. The confession of such requirements may be triggered by domestic unrest, he added and added that any agreement with the US must be mutually beneficial and sustainable for Thailand in the long run.
US requirements on local content requirements are unlikely to have a big impact, as Thailand’s exports usually come from older industries with high domestic inputs, Pichai said.
The US threatened higher tariffs on countries suspected of redirecting Chinese goods to prevent trade war. Trump recently announced an agreement with Vietnam, which includes a 20% export tariff and a 40% of the rate of products considered reassigned.
Thailand is one of the few countries that have received tariff letters from Trump’s administration and are now competing to complete the agreement to avoid steep doses. Non -insurance of reduced tariffs from its largest export market could lead to a sharp decline in shipments and shave up to one percentage point from the expected economic growth of the nation.
This article was generated from an automated news agency without text modifications.
(Tagstotranslate) Thailand
