Bangkok: The Minister of Commerce revealed that he is preparing a plan to deal with the impact of 'Trump's' tax, including compensation funds and soft loans, emphasizing that he is constantly discussing with relevant parties. Most recently, the US Trade Policy Working Group has submitted a second round of proposals for consideration.
According to Thai News Agency, Mr. Chatuporn Buruspat, Minister of Commerce, disclosed that one of the urgent missions of the ministry is to address the impact of the tariff negotiations with the United States. The Trade Policy Working Group, or Team Thailand, led by Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, has forwarded a second round of proposals to the United States. This submission, made after consultations with relevant agencies, includes issues of interest to the United States, such as the opening of the Thai agricultural market. Mr. Pichai is set to announce the specifics of these trade discussions soon.
The Ministry of Commerce's plan addresses both import and export taxes and involves opening the market for the United States. When questioned about whether Thailand would need to open its agricultural market in exchange for a tax reduction, Mr. Jatuporn neither confirmed nor denied it. He mentioned that a contingency plan to counteract the impact of the Trump tariff negotiations has been prepared across all sectors. This plan includes various compensation strategies, such as a fund to support those affected by the free trade agreement and low-interest loans. Discussions with relevant agencies will be expedited to finalize these measures. Once negotiations conclude, the comprehensive plan will be presented to the Cabinet and Parliament for approval in line with international legal frameworks.
Regarding internal management at the Ministry of Commerce, Mr. Jatuporn emphasized close collaboration with the ministerial team to ensure alignment, irrespective of agency oversight. He acknowledged the varying time frames available for governmental work due to political conditions but assured that the ministry is committed to addressing the livelihood challenges faced by the populace, which he considers paramount.
Mr. Chatuporn shared, "I was born into a family of vendors. I understand the hardships of those who work hard to make a living. I am currently concerned about the prices of agricultural products and fruits and have ordered relevant agencies to urgently take care of them."
Before the press conference, Mr. Jatuporn visited the Ministry of Commerce's sacred objects to seek blessings as he assumes his role as the new Minister of Commerce.