Thailand hopes it will not face US tariffs, commerce minister says
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The South-east Asian country has a plan for negotiations and is ready to adjust to US requests to ensure a good outcome.
PHOTO: AFP
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BANGKOK - Thailand is hoping it will not face US tariff measures and will do everything to make sure the country is not a target, the Commerce Minister said on Feb 14, amid concerns that the country’s trade surplus with Washington could become an issue.
The South-east Asian country has a plan for negotiations and is ready to adjust to US requests to ensure a good outcome, Mr Pichai Naripthaphan told reporters, adding he would return to the US for more discussions with US officials.
“Don’t be too alarmed,” he said. “We already have a plan, but we can’t reveal it yet because if we reveal it too much, it will be a problem in negotiations.”
Asked whether Thailand could be subject to US President Donald Trump’s plan for reciprocal tariffs
Mr Pichai said Thailand had already prepared plans before he travelled to the US earlier in February. He said the trip “was quite fruitful”.
The minister said the two countries had a long and good relationship, noting that US investors are the only foreigners permitted to hold 100 per cent stakes in some Thai businesses.
“We have had this agreement for a long time, but people don’t know about it... everyone wants it, but America is the only one to have it,” he said, although he added that some sectors such as banking and telecommunications were excluded from the arrangement.
On Feb 10, an official said Prime Minister Paetongtarn Shinawatra had ordered a study on the potential impact of US trade policy
Commerce Ministry data shows Thailand had a US$35.4 billion (S$47.5 billion) trade surplus with the US in 2024.
The US was Thailand's largest export market in 2024, accounting for 18.3 per cent of total shipments, or US$54.96 billion.
One way Thailand has said it plans to try to narrow its trade gap with the US is by importing one million tonnes of ethane in the second quarter of 2025.
Mr Trump in January signed a broad trade memorandum ordering federal agencies to complete comprehensive reviews of a range of trade issues by April 1, including analyses of persistent US trade deficits. REUTERS
