Southeast Asia seeks additional tariff negotiations with US
The US decided to keep unchanged tariff rates on certain countries in Southeast Asia, such as 32% for Indonesia and 36% for Thailand, effective from August 1. Malaysia faces a 25% rate, up from the 24% that the US threatened in April.
Bangkok (VNA) - Southeast Asia's biggest economies are preparing to intensify trade negotiations with the US after being subjected to steep tariff rates, despite having made a series of last-minute proposals aimed at increasing imports and significantly reducing tariffs on US goods.
The US decided to keep unchanged tariff rates on certain countries in the region, such as 32% for Indonesia and 36% for Thailand, effective from August 1. Malaysia faces a 25% rate, up from the 24% that the US threatened in April.
Thai Finance Minister Pichai Chunhavajira said that he was "a little shocked" at his country's rate of 36%, but was ready to offer more to its biggest export market.
In a post on X, he stated that the US had not considered their latest proposal. He added that Thailand will seek additional measures and solutions and will fight to the end, so that it will have the best offer possible.
Indonesia, Southeast Asia's biggest economy, said its top negotiator Airlangga Hartarto was en route to Washington on July 8 from the BRICS Summit in Brazil and would hold talks with US officials right away.
There is still space for negotiations, said Haryo Limanseto, a spokesperson of the coordinating ministry of economic affairs. The Indonesian government is maximising those negotiation chances.
Meanwhile, Malaysia is keeping up efforts to negotiate and clarify the scope of tariffs, its trade ministry said.
The nation is committed to continuing engagement with the US towards a balanced, mutually beneficial, and comprehensive 🉐trade agreement, it added./.
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.
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