Bangkok: Finance Minister Pichai Chunhavajira has announced that the United States is anticipated to inform Thailand of impending import tariffs before the August 1 deadline. The Deputy Prime Minister and Finance Minister stated that Team Thailand has already provided the necessary responses to the United States Trade Representative (USTR). The information conveyed is nearly complete, with questions answered as required. The U.S. is now expected to review Thailand's submissions in detail to evaluate potential reductions in import tariffs, with a notification expected before the deadline.
According to Thai News Agency, Vietnam is currently subject to two types of tax rates, 20% and 40%, determined by the Regional Value Content (RVC) criteria. Products with a higher proportion of RVC are taxed at 20%, while those with lower RVC face a 40% tax rate. Additionally, Japan's tax rate has decreased to 15% from 24-25%, Indonesia's rate has fallen to 19% from 32%, and the Philippines' rate is now 19%, down from 17%.
Mr. Laworn Sangsanit, the Permanent Secretary of the Ministry of Finance, expressed optimism that the Thai-Cambodian border issues would be resolved shortly. He indicated that the current assistance measures are adequate, and there is no concern about prolonged economic impacts, as border trade represents a minor part of Thailand's overall trade.