Thailand seeks better trade deal after Trump-brokered peace pact
The US will impose 19% tariffs on the country, with some products that are yet to be identified set to be tariff-free
[BANGKOK] Thailand has asked US President Donald Trump for a “better” trade deal as the two countries press ahead with tariff talks following a US-brokered peace agreement between Bangkok and Phnom Penh.
Thai Prime Minister Anutin Charnvirakul made a direct plea to Trump during an informal chat after a dinner with other leaders at the Asia-Pacific Economic Cooperation summit late Wednesday (Oct 29) in South Korea, according to a Thai government statement. Trump told Anutin that he would talk to US Trade Representative Jamieson Greer on the matter, Thai government spokesperson Siripong Angkasakulkiat said.
Anutin’s move came after he signed a peace declaration with Cambodian counterpart Hun Manet on Sunday, in Trump’s presence, to address a border dispute which earlier this year erupted into fatal military clashes. A fragile ceasefire had been in place since Trump threatened to freeze tariff negotiations with both countries, but tensions remain, with troops and heavy weaponry still stationed on either side of the border.
Anutin previously said that the Trump administration made the conflict with Cambodia part of its trade negotiations with Thailand. Now Thailand hopes the peace accord, a win for Trump, will incentivise the US to give more favourable trade conditions.
A joint statement on the US-Thai trade deal, published by the White House on Sunday, outlined some preliminary agreements, including Thailand’s elimination of tariff barriers on about 99 per cent of US goods, especially industrial, food, and agricultural products. In return, the US will impose 19 per cent tariffs on Thailand, with some products that are yet to be identified set to be tariff-free.
Thai Commerce Minister Suphajee Suthumpun noted that the framework is non-binding and detailed talks will follow, with the aim of concluding negotiations by the end of the year.
On Sunday, Thailand and the US also signed a memorandum of understanding to strengthen cooperation on critical minerals, including supply chain development and investment in exploration.
Under the Oct 26 accord, Cambodia and Thailand agreed to take concrete steps to restore peace, including the removal of heavy and destructive weapons from border areas. The document also specifically noted “deep appreciation” for Trump’s contributions to the restoration of ties between the two South-east Asian nations. BLOOMBERG
Share with us your feedback on BT's products and services
