Tariff talks put review: Thailand’s negotiations with the United States regarding steep trade tariffs have been postponed due to a request from Washington to review important issues. According to Prime Minister Paetongtarn Shinawatra, a new meeting date is being scheduled, as the previously planned talks on April 23 will not take place.
Impact of US Tariffs on Thailand
Thailand is one of the Southeast Asian countries most affected by the US tariffs imposed by President Donald Trump. The country faces a 36% tariff if a reduction cannot be negotiated before the global moratorium expires in July. This has significant implications for Thai exports, particularly in the agricultural sector.
Review of Issues
Paetongtarn stated that Thailand is reviewing various issues, including its own tariffs that may need to be adjusted accordingly. The government is also examining the impact of the tariffs on Thai agriculture exports and additional imports. The Prime Minister emphasized that the negotiations should be mutually beneficial and that Thailand is doing its best to protect its agricultural interests.
Importance of US Market
The United States is Thailand’s largest export market, accounting for 18.3% of total shipments, or $54.96 billion, in the previous year. Washington has reported a trade deficit with Thailand of $45.6 billion. Given the significance of the US market, Thailand is keen to negotiate a favorable agreement.
Still on Tariff talks put review
Impact on Rice Exports
Thai rice exports have already been affected by the tariffs, with a 30% decline in the first quarter. This could potentially lead to a shortfall in the full-year forecast of 7.5 million metric tons. Last year, Thailand shipped 9.94 million tons of rice worth 225.65 billion baht, with the US being its third-largest market by volume.
Ongoing Talks
Despite the postponement of the US negotiations, Finance Minister Pichai Chunhavajira stated that talks are still ongoing at the working level. He has no plans to travel to the United States soon, indicating that the negotiations will continue through diplomatic channels. The Thai government remains committed to finding a mutually beneficial solution that protects its agricultural interests.
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