US Prioritises Thailand in Trade Talks Amid Global Tariff Delay; Finance Minister Pledges Preparation

Bessent signals focus on key partners as Trump tariff deadline looms; Thai Finance Minister outlines readiness

 

The United States has signalled its intention to prioritise trade negotiations with Thailand, placing the nation amongst its first 14 target countries, as it navigates the complexities of global trade tariffs.

 

This development comes after the Trump administration’s decision to postpone the implementation of tariffs on most nations, excluding China, for a 90-day period.

 

US Treasury Secretary Scott Bessent, speaking to Yahoo Finance, acknowledged the ambitious timeframe for these negotiations.

 

"Leaving China aside, we have 14 major trading partners," he stated, highlighting the urgency to address significant trade imbalances. While conceding that comprehensive legal agreements were unlikely within the 90-day window, Bessent expressed optimism about achieving "agreements in principle" with these key nations.

 

The focus of these discussions will centre on reducing import tariffs, dismantling non-tariff trade barriers, curbing currency manipulation, and addressing industrial and labour subsidies. 

 


"Once we reach a level where both sides agree on these principles, I think we can move forward," Bessent asserted.
 
 

Thailand’s burgeoning trade surplus with the US, now ranking 10th with a value of $41.5 billion between January and November 2024, has placed it firmly on Washington’s radar.

 

This upward trajectory, from its previous 12th position, underlines the growing economic ties between the two nations.

 



 

In response to this development, Thailand's Finance Minister Pichai Chunhavajira has indicated the nation's readiness to engage in constructive dialogue with the United States.

 

During a media briefing after a meeting with negotiaion team on Wednesday in Bangkok, Minister Pichai stated, "The Thai government recognises the significance of our trade relationship with the US and we are actively preparing to engage in these upcoming negotiations. Our teams are reviewing the trade data and formulating strategies to ensure a mutually beneficial outcome that supports Thailand's economic growth and strengthens our partnership with the United States."

 

While not providing specific details, his comments suggest a proactive approach from Bangkok to the impending discussions.

  

Meanwhile, the US-China trade relationship remains fraught with tension. Despite China’s recent indication of willingness to resume talks, provided Washington demonstrates "respect" and appoints negotiators deemed trustworthy by Beijing, Bessent conceded that a concrete agreement is not imminent.

 

He also downplayed the likelihood of tariffs exceeding 145%, stating, "I don't think anyone believes those rates are sustainable in the long term." He declined to divulge President Trump's negotiation strategy.

 

The White House has, however, made concessions by exempting key electronic goods, including smartphones, computers, and semiconductors, from retaliatory tariffs.

 



 

Dr Kobsak Pootrakool, chairman of the Federation of Thai Capital Markets Organizations (FETCO), highlighted the significance of Bessent’s remarks, emphasising Thailand’s inclusion in the initial phase of US trade negotiations.

 

With Thailand now publicly acknowledging its preparedness under Finance Minister Pichai, the coming months will be crucial in determining the outcome of these discussions and their impact on global trade dynamics.

(2025/04/17-00:00)