BANGKOK (Bloomberg): Thailand aims to hold talks with Trump administration officials next week to secure relief from a planned 36% reciprocal tariff on its goods, with officials finalizing a set of proposals to cut its US$46 billion trade surplus with the US.
A delegation headed by Deputy Prime Minister and Finance Minister Pichai Chunhavajira is preparing to meet with US trade officials in Washington on April 21, government spokesman Jirayu Houngsub said in a statement Monday.
Pichai will also travel to Seattle later this week to meet with American businessmen from the agricultural, industrial and investment sectors, he said.
The negotiation team that includes Commerce Minister Pichai Naripthaphan will adhere to the principle that "Thailand is a constructive partner” of the US, and committed to "creating a trade balance and strengthening sustainable economic partnership,” Jirayu said.
Prime Minister Paetongtarn Shinawatra’s administration has said the higher-than-expected levy on its shipments to the US - Thailand’s largest export market - could shave off at least one percentage point of its growth this year if it’s not negotiated down.
The South-East Asian nation has publicly stated its willingness to step up imports of US farm goods like corn for its animal feed industry, energy products including natural gas and ethane, besides reducing import duties and removing non-trade barriers.
Thailand’s trade surplus with the US more than doubled to $46 billion last year from about $17 billion at the beginning of Donald Trump’s first term. In contrast, the trade deficit with Beijing ballooned to $45 billion in 2024 from below $20 billion in 2018 as Chinese companies stepped up investment to dodge high US tariffs.
Thai officials are pledging to crack down on the misuse of certificate of origin by Chinese companies attempting to circumvent high US tariffs besides painting any deal with Washington as an opportunity to reset its import policies.
They will also relay Thailand’s concerns over the fall out of the 145% US tariff on Chinese goods on local manufacturing, fearing a flood of cheap goods being imported.
Thailand’s negotiation stance will be based on a strategy approved by a working group headed by Paetongtarn, which has taken feedback from local business groups and experts, Jirayu said.
On Monday, Pichai met with Paetongtarn’s advisers including Pansak Vinyaratn and Supavud Saicheua to discuss the latest situation and the framework for negotiation which covers trade, investment and financial sectors, Jirayu said in a separate statement.
They also identified key partners in the US government, private sector and business groups with which Pichai-led delegation will engage, he said.
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