Bangkok: Thailand’s finance minister announced on May 14 that it would repress transshipments through its ports, purchase more US goods, and increase regional industry access as part of a campaign to prevent exorbitant tariffs on its exports.
Thailand is one of the Southeast Asian countries that has been hardest hit by US President Donald Trump’s actions, and if a lowering can’t be agreed upon before a worldwide moratorium expires in July, it could face a 36 % tariff on its imports.
According to Pichai Chunhavajira, “our business plan is a win-win” answer, while US Treasury Secretary Scott Bessent responded favorably, claiming it demonstrated a willingness to bargain.
Pichai said he hoped that the 36 % tax would be reduced to levels comparable to those of other nations. The offer will lower the US trade gap and provide additional benefits.
Once everything is finalized, Pichai said,” I don’t understand why we would be treated differently,” adding that it might take some time for authorities to go over the proposal in detail.
Last year, Thailand’s largest export industry was the United States, with 18.3 % of total supplies, or US$ 55 billion. Washington has estimated that its gap with Thailand is US$ 45.6 billion.