BANGKOK (Reuters) – A Thai business group on Thursday urged Prime Minister Paetongtarn Shinawatra to negotiate with the United States and consider lowering import taxes on U.S. goods, as the government met with the private sector to discuss U.S. trade policy uncertainty.
The meeting comes ahead of a deadline U.S. President Donald Trump has set next month for federal agencies to complete comprehensive reviews of a range of trade issues, including analyses of persistent U.S. trade deficits.
Thailand’s Joint Standing Committee on Commerce, Industry and Banking, a private sector group, also proposed importing more U.S. goods to reduce the trade gap with Washington.
“The private sector is satisfied with the discussion,” Thai Chamber of Commerce head, Sanan Angubolkul, told reporters, adding Thailand would not be at a disadvantage in negotiations with the United States because businesses had shared information with the government.
“Opening the market up to more imports was necessary … but negotiations have to be held for the mutual benefit of both countries,” he said.
The Thai Chamber of Commerce last week urged action from the government over U.S. trade policy uncertainty and proposed a “war room” be set up to head off any threat of tariffs by the Trump administration.
The United States was Thailand’s largest export market in 2024, according to government figures, accounting for 18.3% of total shipments, or $54.96 billion.
In Asia, Vietnam, Taiwan, and Thailand are those most exposed to the possibility of increased U.S. tariffs due to their high export-to-GDP ratios with the United States, according to a Reuters analysis.
Paetongtarn said she had assured the private sector the government had a strategy on the issue of U.S. trade.
“We’ve had a team in place since January and definitely have a plan,” she said before the meeting.
(Reporting by Kitiphong Thaichareon, Panarat Thepgumpanat and Chayut Setboonsarng; Editing by Martin Petty)
Comments