30-07-2025
Pichai: US rate likely to be revealed by Saturday
US tariffs on Thailand are expected to be announced on Aug 1 or 2, with the rate unlikely to remain at 36%, says Finance Minister Pichai Chunhavajira.
Following an agreement for an unconditional ceasefire along the Thai-Cambodian border, Mr Pichai said negotiations with the US are ongoing. He said many issues have been concluded, with only a few remaining.
"The tariff rate should not be 36%. When the US announces its decision depends on its time frame. It could be Aug 1 or 2," said Mr Pichai.
"I believe the announcement will happen soon."
US President Donald Trump previously announced on X if Thailand and Cambodia failed to agree to a ceasefire, the US would not proceed with tariff negotiations with either country.
Following the ceasefire agreement, Trump announced he asked US officials to resume trade negotiations with the duo.
"We must consider both national security and economic matters," said Mr Pichai.
"The proposals submitted to the US offer benefits to both sides and provide Thailand with an opportunity to implement measures to enhance the competitiveness of the Thai private sector."
He also addressed assistance measures for people in the seven provinces along the Thai-Cambodian border who have been affected by the conflict.
The government plans to allocate up to 10 billion baht to provide relief for people affected by the conflict, said Mr Pichai.
The Finance Ministry is considering relief measures for the 160,000 people who evacuated during the skirmish, which lasted about one week.
The estimated 10 billion baht in funding may partly come from the remaining 25 billion baht in the economic stimulus budget. This would be used to compensate for housing repairs and reconstruction for affected residents, according to the ministry.
In addition, he said the ministry is evaluating income support measures for the 160,000 evacuees who lost income during the period, as well as compensation for property damage.
For residents of the seven border provinces, the Comptroller-General's Department increased the emergency advance budget allocation for provincial governors from 20 million baht to 100 million.
In terms of taxes, the government extended the deadline for tax filing to Sept 30, 2025, and introduced tax relief measures, allowing deductions of up to 100,000 baht for home repairs and up to 30,000 baht for vehicle repairs due to damage from the conflict.
In a related development, Payong Srivanich, chairman of the Thai Bankers' Association, said the association introduced relief measures for customers affected by the border unrest.
He said member banks will consider providing assistance covering credit cards, personal loans and other loan products.
For credit cards, member banks are reducing the minimum repayment rate for affected cardholders.
For personal loans, banks plan to support affected clients by offering temporary suspensions of principal and/or interest payments, as well as debt restructuring tailored to each customer's repayment capacity.
Moreover, banks plan to provide additional support based on each debtor's liquidity situation to ease their financial burden during the crisis.
