Bangkok (VNA) – Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on July 18 expressed his expectation that the US's final reciprocal tariff rate imposed on Thailand's exports will align closely with other countries in the region, likely settling at approximately 20%.
The official stated that his discussions with the United States Trade Representative (USTR) a day earlier were "good" and focused on clear issues. The US indicated that Thailand's revised offer showed "very substantial improvement," he said.
Pichai noted that while reducing import barriers for certain US goods might be minor in value, it could impact domestic agriculture, industry, and the SME supply chain. The government, he assured, is committed to supporting these sectors and will urgently assist them through this transition, The Nation reported.
Earlier, Pichai stated that Thailand’s economy might grow by just over 1% this year due to the impact of the US's tariffs.
The US was Thailand’s largest export market in 2024, accounting for about 18.3% of the country’s total exports. Last week, the US announced it would impose a 36% tariff on Thai goods starting August 1, unless the two sides reach an agreement before the deadline./.
In the absence of a deal, Washington could impose a 36% tariff on all imports from Thailand as soon as July 9, compared with the 10% baseline tariff in effect now.
Thanavath Phonvichai, President of UTCC, noted that there remains a window of opportunity for Thailand to negotiate a more favourable tariff rate, potentially lowering it to 20%, before the duties are set to take effect on August 1. However, he stressed that a final agreement with the US is far from certain.
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Vietnam’s pavilion notably displayed traditional crafts from the centuries-old lacquerware village of Ha Thai and Chu Dau ceramics. The atmosphere was further enriched by delegations wearing their countries’ traditional costumes, including the elegant ao dai and the graceful ao tu than of Vietnamese women.
The handover ceremony was held at the Malaysian Embassy headquarters in Mexico City on August 8, with the presence of heads of diplomatic missions from ASEAN member states in Mexico.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
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Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
