Thailand hopes to conclude US trade talks before new deadline
The Southeast Asian country has offered to cut import duties on most US goods to zero, expand access for US agricultural and industrial products, and increase purchases of energy and Boeing jets. It also pledged to reduce its 46 billion USD trade surplus with the US by 70% within five years.
Bangkok (VNA) – Thailand is opt💟imistic that it can finalise a trade deal with the US before the August 1 deadline to avoid a 36% tariff imposed by US President Donald Trump, according to Finance Minister Pichai Chunhavajira.
The Southeast Asian country has offered to cut import duties on most US goods to zero, expand access for US agricultural and industrial products, and increase purchases of energy and Boeing jets. It also pledged to reduce its 46 billion USD trade surplus with the US by 70% within five years.
Despite these efforts, a US letter issued July 8 maintained the 36% rate. Thai officials estimate the tariff can cut GDP by at least one percentage point this year.
Political instability is adding to investor concerns after the suspension of Prime Minister Paetongtarn Shinawatra. The THB rose slightly, while the stock index dropped 0.6%, bringing total losses this year to 20%.
Economists warned of potential factory closures and job losses if no agreement is reached. The National Economic and Social Development Council said it would revise growth forecasts accordingly.
The US remains Thailand’s top export market, accounting for 18% of total exports. Shipments rose 15% in the first five months of 2025, driven by front-loading of orders following a 90-day pause in high tariffs set by the Trump administration./.
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The US accounts for 18% of Thailand's exports. If the 36% rate is implemented, exports to the US could fall to 10% of the total, weakening bilateral trade relations over the long term.
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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.
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