Bangkok: Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced that Team Thailand is prepared to reduce tariffs on various US products, encouraging Thai farmers and entrepreneurs to brace themselves for these changes by the critical deadline of July 9.

According to Thai News Agency, Pichai, who leads the negotiation team, held discussions with relevant government bodies to finalize a proposal in response to US expectations for increased Thai imports of agricultural products and investments. Consequently, Thailand must agree to “exempt tariffs” on numerous US products, which may require adjustments within the Thai agricultural sector to maintain competitiveness.

Despite concerns regarding the impact on Thai agriculture, it has been confirmed that Thai agricultural producers, particularly in pork and offal sectors, can accommodate the tariff measures. Thailand is expected to maintain a competitive edge, avoiding higher tariffs than those imposed on Vietnam and other competitors.

The situation is further complicated by a recent statement from President Donald Trump on Twitter X, indicating a potential 10 percent tax increase for countries associated with the BRICS group, of which Thailand is a partner. The implications for Thailand remain uncertain pending developments on July 9.

Pichai also directed the Fiscal Policy Office to identify candidates suitable for the position of the new Governor of the Bank of Thailand. The selection process is ongoing, and no candidate has yet been proposed to the Cabinet meeting scheduled for July 8. This aligns with Mr. Laworn Sangsanit, Permanent Secretary of the Ministry of Finance, refuting rumors concerning the selection process for a new Director of the Government Savings Bank, amid speculations about Mr. Vitai Ratanakorn being chosen as the new Governor of the Bank of Thailand.