Thailand to hold trade talks with US next week amid Trump's tariffs threat
BANGKOK: Thailand's finance minister will travel to the United States next week for trade talks, local media reported Friday, as the kingdom seeks to secure a deal with Washington over US President Donald Trump's threatened tariffs.
Thai exports face a 36 percent levy on key exports to America under the US president's raft of "Liberation Day" measures if no agreement is reached to head them off before next month's deadline.
Finance Minister Pichai Chunhavajira told reporters he has scheduled talks with a US representative and plans to depart next week, according to local media outlet Thai News Agency MCOT.
His remarks followed online speculation that the tariffs would be cut to 18 percent after the talks, which he dismissed in a post on X.
"It's just a projection made by economists," he told reporters at Government House, as quoted by local media.
In May, Pichai said the proposal aimed to reduce the trade imbalance and expand US export access to Thailand's market.
America's goods trade deficit with Thailand hit $45.6 billion in 2024, up 11.7 percent from the year before, according to US Trade Representative data.
The Thai government last month cut its 2025 economic growth forecast to 2.3-3.3 percent, from 3.2-4.2 percent, citing uncertainty over "reciprocal tariffs."
AFP has reached out to Pichai's party representative who was unable to confirm details of the trip.
Many Southeast Asian nations were threatened with the highest "reciprocal" tariff rates: 49 percent on Cambodia's exports, 46 percent on Vietnam's and 44 percent on Myanmar's.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
20 minutes ago
- Mint
Sensex today rises 300 points, extends rally to 4th day; Nifty above 25,600; OMCs outperform
Stock market today: Indian equities ended higher for the fourth straight day on Friday, June 27, largely led by select heavyweights including Reliance Industries, ICICI Bank, and Bharti Airtel, which pushed the frontline indices another step closer to their September peaks. A strong handover from Wall Street, coupled with a rebound in overseas inflows, helped the Nifty 50 to stay higher during Friday's session, gaining 93 points, or 0.36%, to finish the session at 25,642, while the Sensex rose 300 points, or 0.36%, to settle at 84,055. Both indices concluded the week with solid gains of over 2% each, as easing tensions in the Middle East helped shrug off concerns about a potential global economic impact and triggered a sharp decline in crude oil prices, bringing renewed optimism to Dalal Street. Meanwhile, the broader markets have also ended the week with healthy gains despite valuation concerns, with Nifty Midcap 100 and Nifty Small Cap 100 closing with 2.44% and 4.35%, respectively. As the 90-day reciprocal tariff suspension announced by U.S. President Donald Trump in April nears its end, market attention has turned to whether the deadline will be extended. Trump had suspended certain tariffs for 90 days, and that window expires on July 9. Separately, the European Union faces a July 9 deadline to finalize a trade deal before the U.S. imposes 50% duties on imports from the bloc. However, White House Press Secretary Karoline Leavitt downplayed the urgency of the deadline, saying on Thursday that the cutoff dates are "not critical," according to a CNBC report. "Perhaps it could be extended, but that's a decision for the president to make," Leavitt was quoted as saying. Meanwhile, other media reports indicate that New Delhi and Washington are still negotiating a mini trade deal as part of a scaled-down Bilateral Trade Agreement (BTA), which is likely to be finalized by September. Amid hopes of an extension to the tariff suspension, expectations have also grown that the U.S. economy could see an acceleration in interest rate cuts. This follows speculation that President Trump is contemplating naming a replacement for Federal Reserve Chair Jerome Powell as early as September or October, well ahead of the typical three- to four-month transition period.
Mint
38 minutes ago
- Mint
India-US trade deal: Here's what Washington DC wants from New Delhi and what we know so far
US President Donald Trump on Thursday said that a 'very big trade deal' with India is on the cards as negotiators from New Delhi reached Washington DC, where America has reportedly demanded a few tariff cuts that India is not ready to agree with. Chief Negotiator Rajesh Aggarwal is leading a delegation from India to the US as the team works with officials from the Office of the United States Trade Representative (USTR), navigating through a July 9 deadline to secure an interim deal before temporary tariff protections expire. However, roadblocks in the conversations have been delaying progress in securing a bilateral trade agreement during the high-stakes negotiations, reportedly due to some demands from the US. Here's what we know so far. According to a report by ANI, several contentious issues have surfaced during the trade negotiation conversations between the US and India. The US is pressuring India into lowering duties on American agricultural and dairy products and to provide market access for genetically modified (GM) crops. However, India has resisted these demands firmly, saying that it would impact domestic food safety, public health and leave millions of farmers unprotected. The Indian delegation has also reportedly resisted an offer of broad-based access to the US agricultural and dairy sectors, which can be politically and economically sensitive. As per a report by Reuters, the Indian side wants to push for a rollback on the now-paused 26 per cent tariff that the US imposed on New Delhi, which is set to take effect if a deal is not reached by July 9. Negotiators are also demanding concessions on existing US tariffs on steel and auto parts, which American negotiators have not yet agreed to, according to Indian government sources quoted by Reuters. 'The US side first wants India to commit to deeper import tariff cuts on farm goods like soybeans and corn, cars and alcoholic beverages along with easing of non-tariff barriers,' an Indian official was quoted as saying by Reuters. This has led to a disagreement between India and America. However, Indian officials have ensured that protecting the country's interests will be of supreme importance during the trade talks. "Protecting India's interests will be supreme in India-US BTA talks," an Indian official close to the negotiations was quoted as saying by ANI. Despite these challenges, both sides remain committed to reaching an interim agreement before the deadline.
NDTV
an hour ago
- NDTV
$30 Billion Investment, Unfreeze Funds: US Offer To Iran To Resume Talks
New Delhi: The Trump administration has been exploring a range of proposals to bring Iran back to the negotiating table, including easing sanctions, releasing frozen funds, and facilitating a multi-billion-dollar investment in a civilian nuclear energy programme, CNN reported, citing four sources familiar with the matter. Discussions have continued despite recent military strikes between Israel and Iran. US officials and Middle East intermediaries have been engaging Iran behind closed doors, as per sources. Talks have intensified since a fragile ceasefire was reached this week, brokered by US President Donald Trump. The administration has floated various proposals, all contingent on one non-negotiable: zero Iranian uranium enrichment, a position Tehran has consistently rejected. According to CNN, the proposal includes several incentives for Iran. A $20-30 billion investment in non-enrichment nuclear infrastructure for civilian energy. Sanctions relief. Access to $6 billion in Iranian assets currently frozen in foreign accounts. One idea being floated involves rebuilding the Fordow nuclear site, recently struck by US bunker-buster bombs, into a non-enriching civilian facility, potentially funded by US-aligned Gulf nations. It remains unclear whether Iran would operate that site under the new proposal. "The US is willing to lead these talks," a Trump administration official told CNN. "And someone is going to need to pay for the nuclear programem to be built, but we will not make that commitment." Steve Witkoff, US Special Envoy to the Middle East, told CNBC on Wednesday that the administration is pursuing a "comprehensive peace agreement" and sees an opportunity to present Iran with a formal term sheet. He said any new programme must be modelled after the United Arab Emirates' civil nuclear project, which prohibits enrichment. "Now the issue and the conversation with Iran is going to be, how do we rebuild a better civil nuclear programme for you that is non-enrichable?" Witkoff said. President Donald Trump confirmed the possibility of talks next week but appeared uncertain about the need for a deal. "I don't care if I have an agreement or not," he said on Wednesday, even as some of his aides reportedly view a long-term nuclear deal as essential to maintaining the current ceasefire. Qatar, key to the Israel-Iran ceasefire, will continue mediating US-Iran talks, CNN reported. Five US-Iran talks took place before Israel's strikes halted a planned sixth round in Oman. Before the US strikes, intermediaries told Iran the action would be limited and that the US demand for no uranium enrichment remained firm. "We may sign an agreement, I don't know," Trump said Wednesday from the NATO summit. "I could get a statement that they're not going to go nuclear, we're probably going to ask for that."
