BANGKOK — Thailand’s commerce minister on Monday said his country would have trade talks with the United States and expressed confidence both sides could agree on good terms on tariffs, possibly as low as 10 percent.
Pichai Naripthaphan told reporters he expected the talks would go well. He said Thai and US officials would hold talks this week via video conference, he said, but said a date for talks at a ministerial level had not yet been set.
He did not provide details on what would be discussed in the talks or why he thought the tariff level would be lowered from the 36 percent rate that the US has said it will put on Thai goods.
“Don’t worry, we have everything prepared. The negotiation should be successful,” he said. “We are in the process of detailing what is involved, but we can’t tell you yet.”
Pichai also said export data in May were “good” and would be released on Wednesday.
He also called for a weaker baht to support exports and tourism, saying a level of 37-38 per US dollar was an appropriate level.
The baht traded at 32.45 against the US dollar on Monday.
Thailand’s export growth came in slightly ahead of expectations in April as shipments to the United States surged, but the commerce ministry warned of challenges from US tariffs later in the year.
Exports rose 10.2 percent in April from a year earlier, the ministry said, compared with a 9.1 percent increase forecast in a Reuters poll, and following March’s 17.8 percent rise.
The growth in exports, a key driver of the economy, should continue this quarter, Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference, but the ministry also said tariffs would be a risk to the sector in the second half of the year.
Thailand faces a 36 percent US tariff if a reduction cannot be negotiated with Washington before a moratorium ends in July. The United States has set a 10 percent baseline tariff for most nations while the moratorium is in place.
