On Tuesday, Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, revealed details regarding the ongoing U.S.-Thai trade talks.
The finance ministry is currently detailing its trade concession, however, the preliminary element has been sent to the United States Trade Representative.
Meanwhile, Washington is considering Thai’s trade offering and request of extending the deadline from the previous 90 days trade truces, which will end on July 8, 2025.
The exact date of negotiation remains unclear, as currently only a handful of countries manage to strike a deal with Washington.
During the G7 summit in Canada, U.S. President Donald Trump has signed off on a new agreement with the United Kingdom. The deal established an annual quota of 100,000 vehicles subject to a 10% tariff, while tariffs on aircraft and related components were eliminated.
In return, the UK will extend tariff cuts to American beef and ethanol imports, with provisions ensuring all U.S. agricultural products adhere to British food safety standards.
Meanwhile, Washington trade talk with Japan during the summit ended without any trade compromises. While the details are not released for the public, Japan aims to secure the removal of a 25% U.S. tariff on its automobiles and a 24% reciprocal duty on other imports, which is estimated to impact up to a full percentage point from Japan’s annual GDP growth.
In early June, the U.S. and China reached an agreement to bring the Geneva trade truce back on track. Both sides agreed to restore their respective tariffs to 55% and 10%, while China lifted all export restrictions on rare-earth minerals and allowed Chinese student access to U.S. universities.
