Bangkok: Pichai hopes to receive good news about Trump’s tariffs, believing he will join the ASEAN group. Pichai Chunhavajira, Deputy Prime Minister and Finance Minister, clarified the significance of the ongoing negotiations and their potential impact on Thailand.
According to Thai News Agency, after the urgent motion to the House of Representatives’ consideration of measures and policies to address the potential impacts of the Thailand-US Reciprocal Tariff negotiations, all five motions had completed their rationales. Pichai emphasized the crucial nature of the negotiated figures, highlighting the need to remain competitive within ASEAN, where countries like Vietnam, Indonesia, the Philippines, South Korea, and Japan are receiving various tariff rates.
“The uncertainty that’s arisen depends on the outcome of the negotiations. We should know the outcome in just a few hours, perhaps 10 hours from now. If it’s not finalized, the tariffs will remain at 36%. However, we believe the US Secretary of Commerce has already stated that negotiations with Thailand have concluded,” said Mr. Pichai. He expects an announcement before August 1st, which would potentially alter the current 36% tariff rate.
Mr. Pichai noted the slow economic growth and challenges faced previously, pointing out that addressing the Trump tariffs presents both a problem and an opportunity. He explained that providing competitive tax breaks similar to those offered to other countries would not signify a change. The 0% tariffs extended to many countries, including the United States, are consistent with existing practices.
Mr. Pichai further stressed that the actions are not solely aimed at modifying the trade surplus with the United States but are expected to boost imports, exports, and the overall economy. He expressed a desire to see domestic investment reach 7 trillion baht annually, despite some unresolved issues that require further discussion and legal amendments.
“We see the importance of this matter, we’re looking at it all, and we need to act,” Mr. Pichai stated, indicating his commitment to frequent negotiations. He plans to return for a final discussion at 8 p.m., hoping for positive news regarding the tariff talks.