Pichai Chunhavajira clarifies that reports of an 18% US import tax are "estimates," not a finalised agreement, as Bangkok pushes five-point proposal.
Thailand's Finance Minister Pichai Chunhavajira has refuted widespread reports claiming that the United States has imposed an 18% import tax on Thai goods.
He clarified on Thursday that the figure is merely an "estimation" used by the Bank of Thailand and economists for modelling potential economic impacts, stressing that negotiations between the two nations are still very much in progress.
The Minister explained that discussions with the US have encompassed four or five key areas, including tariff rates, non-tariff trade barriers, increasing US imports, addressing fraudulent claims of origin for goods, and tackling transhipment issues.
These points have been the consistent focus of bilateral talks aimed at resolving trade imbalances.
Pichai reiterated that Thailand's core proposal continues to be based on the five main points already submitted to the US for consideration.
While some minor additions might be introduced, they will remain within this overarching framework, as working-level negotiations have provided insights into potential adjustments.
Thailand's five-point proposal, aimed at reducing the trade surplus with the US by 50% within five years and fostering closer strategic partnership, includes:
Enhanced Cooperation in Processed Food: Leveraging the strengths of both countries to develop the processed food industry, notably through importing US agricultural products for processing and re-export globally. This also involves engagement with the US agricultural sector, a crucial political base for figures like Donald Trump.
Increased US Imports: Thailand plans to boost imports of essential goods from the US, such as energy (crude oil, LNG, ethane), aircraft and parts, armaments, and agricultural produce like corn, soybeans, and beef. This move seeks to bolster commercial ties and meet domestic economic demands.
Source: Nation Thailand
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
