SEOUL — Deputy Prime Minister and Finance Minister Pichai Chunhavajira summarized the results of his US tariff negotiation trip during a transit stop in South Korea on July 4, saying the meetings went well and provided valuable feedback, but no final agreement was reached, requiring continued work toward a mutually beneficial deal.
He stated that his delegation met with multiple parties throughout their time in the United States, including government policy-level officials and private companies with substantial long-term investments in Thailand.
The Finance Minister said this was an official policy-level meeting, with the first person he met being US Trade Representative Jamieson Greer and Deputy Secretary of the Treasury Michael Faulkender, along with working-level officials.
“This meeting provided Thailand with very important feedback, giving the United States confidence that Thailand has been a long-term economic partner, and past cooperation has benefited both sides,” Pichai said.
Another crucial aspect involved meeting with US agricultural sector representatives, which policymakers consider highly important. The delegation met with three groups to understand the concerns of stakeholders who influence policymakers’ decisions, factors the US will likely consider beyond just tariff rate submissions.
He said the negotiations helped understand senior officials’ thinking and deeper discussions revealed what they truly want beyond Thailand’s current understanding, which will inform future technical-level negotiations.
Pichai concluded that negotiations went well, with the US expressing gratitude for Thailand’s enthusiasm in participating. Thailand will take the feedback received to prepare additional new proposals for mutual benefit.
“I want to reaffirm that Thailand’s working group’s position is that any agreement reached must be sustainable and mutually beneficial – what we call a Win-Win Solution. While negotiations haven’t reached final results, we must continue working together to achieve maximum benefits for both countries,” he stated.
Moving forward, he and the working group will work harder to adjust Thailand’s proposed conditions for clarity and mutual benefit to reach a beneficial agreement.
President Donald Trump’s 90-day pause in global reciprocal tariffs is set to expire on July 9, when Thailand was originally scheduled to face 36% tax rates on imported products.
However, Trump said on Thursday that the United States will begin sending notification letters to countries starting Friday, detailing the tariff rates they will face on imports to America, effective August 1. This marks a departure from his earlier promises to negotiate numerous individual trade agreements.
“By the ninth, they’ll be fully covered. They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs,” Trump told reporters, recognizing the complexity of dealing with over 170 nations.
The initial batch of 10 to 12 letters will be followed by additional rounds of notifications to inform countries about the tariff rates that will apply to their exports to the United States.
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