Bangkok (VNA) – Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on July 18 expressed his expectation that the US's final reciprocal tariff rate imposed on Thailand's exports will align closely with other countries in the region, likely settling at approximately 20%.
The official stated that his discussions with the United States Trade Representative (USTR) a day earlier were "good" and focused on clear issues. The US indicated that Thailand's revised offer showed "very substantial improvement," he said.
Pichai noted that while reducing import barriers for certain US goods might be minor in value, it could impact domestic agriculture, industry, and the SME supply chain. The government, he assured, is committed to supporting these sectors and will urgently assist them through this transition, The Nation reported.
Earlier, Pichai stated that Thailand’s economy might grow by just over 1% this year due to the impact of the US's tariffs.
The US was Thailand’s largest export market in 2024, accounting for about 18.3% of the country’s total exports. Last week, the US announced it would impose a 36% tariff on Thai goods starting August 1, unless the two sides reach an agreement before the deadline./.
Thailand yet to reach tariff deal with US: official
In the absence of a deal, Washington could impose a 36% tariff on all imports from Thailand as soon as July 9, compared with the 10% baseline tariff in effect now.
