Thailand is poised to hold talks with Trump administration officials next week to secure relief from a planned 36% reciprocal tariff on its goods, with officials finalising a set of proposals including to cut its US$46 billion trade surplus with the United States.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira together with Commerce Minister Pichai Naripthaphan will lead Team Thailand, the country’s negotiating team, at the talks expected with the US side in Washington DC on April 21, said government spokesman Jirayu Houngsub on Monday.
The finance minister plans to travel first to Seattle at where he will be meeting with business operators in agricultural, industrial and other investment sectors from April 17. He will later be joined by the commerce minister on April 20, and the two will travel together to Washington DC for the talks with the Trump administration on April 21, said the spokesman.
On Friday the government’s committee tasked with monitoring the US’ reciprocal tariff situation had already summarised proposals and ideas, the input from all ministries and private parties and organisations concerned, in preparation for the coming discussions with the US.
These parties include the Federation of Thai Industries (FTI), Board of Trade of Thailand, top executives of various companies and importers and exporters of agricultural and industrial products, said Mr Jirayu.
All these proposals are to be finalised one last time on Tuesday before being submitted to the negotiating team for use in their talks with the US, he said, adding the committee had been gathering data and information in preparation for these expected talks since January.
The main purpose of these negotiations was to improve the trade balance between Thailand and the US, while fostering sustainability in the two nations’ economic partnership and paving the way for more in-depth negotiations between them in the future, said Mr Jirayu.
Hoping to secure a good solution to the US tariff issue, the Thai government’s negotiating team would maintain five core principles which had already been mapped out, he said.
First, Thailand is committed to maintaining its mutual trade and economic partnership with the US in industries which will mutually benefit them, particularly the agricultural, food and technology industries, he said.
Second, Thailand is willing to open a new market and lower import duties for more products to be imported from the US, particularly maize, he said.
Third, Thailand, with the intention to lower its trade surplus with the US, will increase import of more necessary products from the US such as natural gas, petrochemicals, commercial aircraft, cheese, walnut, cherries and apples, he said.
Fourth, Thailand will be heightening its system of inspecting products which will be shipped from Thailand to the US to ensure products from other countries won’t be shipped to the US via Thailand with intent to avoid tariffs, he said.
Finally, Thailand also intends to support Thai investors to expand their investments in certain processing industries in the US, using mainly local supplies in the US of materials and ingredients and exporting products produced there to other countries, he said.
Prime Minister Paetongtarn Shinawatra has constantly been updated on what the negotiating team will discuss about at the coming talks with the US and approved it, he said.
