- Photo: The Nation/ANN
BANGKOK: Thailand is set to make a significant offer to the United States tonight, proposing 0% import duties on tens of thousands of products in a pivotal video conference with the Office of the United States Trade Representative (USTR).
The move comes as Bangkok simultaneously prepares contingency plans for potential US tariffs.
Commerce Minister Jatuporn Buruspat confirmed the breakthrough in trade negotiations Wednesday (July 16).
Deputy Prime Minister and Finance Minister, Pichai Chunhavajira, will spearhead "Team Thailand" in discussions with the USTR, presenting Thailand's newly revised and expanded proposals.
Beyond the substantial offer of duty-free access for a vast array of goods, the Thai delegation will put forward additional proposals designed to strengthen trade ties.
Crucially, the Ministry of Commerce has already tasked relevant agencies with developing detailed relief plans.
These measures are being formulated based on two key hypothetical scenarios regarding potential US tariff impositions:
Scenario 1: A 36% tariff being levied.
Scenario 2: A 20% tariff being levied, mirroring the rate applied to competitor Vietnam.
"We've instructed our teams to identify precisely which product categories would be affected under a 36% tariff, and the extent of that impact, including on workers in various industries," Jatuporn explained.
"Similarly, we're assessing which product groups would be hit by a 20% tariff and the resulting consequences."
These contingency plans are reportedly complete and are now awaiting the outcome of tonight's crucial negotiations. - The Nation/ANN
