Thai Finance Minister: Expecting the US tariff rate not to exceed 20%

Thai Finance Minister Pichai said that Thailand has proposed "very substantial improvements" in the new round of negotiations, expecting the United States to reduce the 36% tariff threat on its exports to a level comparable to neighboring countries in the region. Pichai stated on Friday that Thailand has met all of the US requirements through its third proposal, removing more tariff and non-tariff barriers on American goods, with expected tax rates similar to those in the region, meaning it will not exceed 20%. Pichai noted that President Trump may hear a report on the progress of the Thai-US negotiations as early as Friday, but he speculated that the US may impose different tariff rates on different levels of Thai products. The United States is Thailand's largest export market, accounting for about 18% of Thailand's total exports last year. Failure to lower the tax rates could drag down Thailand's expected economic growth rate by as much as 1 percentage point.