Bangkok: "Pichai," Deputy Prime Minister, believes the recent delay in the United States' retaliatory tariff measures offers a strategic opening for countries to negotiate trade balances with the US. He is set to invite business operators to engage in discussions with three key ministries to establish clear import-export regulations. Addressing concerns from pig farmers regarding agricultural imports, he emphasized that tariffs would only apply to products in short supply or those imported for processing, with careful consideration to minimize impacts. It's anticipated that global economic growth will slow, contingent on how well nations adapt.
According to Thai News Agency, Mr. Pichai Chunhavachira, who also serves as Minister of Finance and leads the negotiation team for the US countervailing tariff measures, addressed the National Swine Raisers Association's protest against importing US pork offal. He reassured that imports would be limited to areas where local production is insufficient or for processing aimed at exports, balancing trade with the US while generating national income.
Concerning health worries over red meat accelerators, Mr. Pichai indicated that relevant agencies would revisit this issue, noting that perspectives on such additives vary globally. A senior academic has confirmed no health risks, stressing the importance of accurate public information and clear product origin labeling to enable informed consumer choices.
Following President Donald Trump's announcement of a 90-day postponement of retaliatory tariffs, Mr. Pichai explained that the Thai government had anticipated this possibility, given the global and domestic repercussions of such tariffs. Thailand will use this interval to expedite bilateral negotiations with the US, focusing on potential imports and exports, and stricter product origin assessments, as some exports are primarily foreign-produced but temporarily enter Thailand.
The negotiations aim for 'Win-Win Solutions,' alongside ASEAN discussions to evaluate the region's overall trade balance. Mr. Pichai disclosed plans to involve entrepreneurs in consultations with the Ministries of Finance, Commerce, and Agriculture and Cooperatives, to finalize import-export goods before engaging with the United States Trade Representative (USTR).
He emphasized that these negotiations will be ongoing, requiring multiple rounds for thorough consideration by senior management on both sides. Acknowledging the global trade impact on Thailand's economy, he stressed the necessity for governments to adapt for long-term survival and outlined preparations to mitigate effects on agriculture and employment, given Thailand's role as an agricultural and export leader.
Additionally, Mr. Pichai noted the potential need to raise the public debt ceiling, while maintaining fiscal discipline to keep public debt under 70% of GDP. If adjustments are required, any increased debt must be effectively utilized to address the crisis. As for the "ten thousand baht" distribution in the next phase, Mr. Pichai mentioned this issue is currently on hold.