Chutima set for talks with US officials
Deputy Commerce Minister Chutima Bunyapraphasara will fly to the US next week to discuss trade and investment issues with high-ranking officials and the private sector amid an escalating international trade row.
According to Ms Chutima, the July 24-27 trip offers a good opportunity to talk trade and investment with Jeffrey Gerrish, the deputy US trade representative for Asia, Europe and the Middle East; Gilbert Kaplan, the under secretary of commerce for international trade; and Clete Willems, the senior adviser to the president on global development and international trade.
“The key agenda at the meeting centres on ways to promote and stimulate bilateral trade and investment and tackle trade obstacles, particularly the invocation of Section 232 of the Trade Expansion Act of 1962 to slap tariffs on imported steel and aluminium and President Donald Trump’s plan to consider slapping tariffs on imported autos and auto parts,” Ms Chutima said. “At the meeting, we will also try to reaffirm that products imported from Thailand support US domestic industries and have nothing to do with US national security.”
On March 8, Mr Trump ordered a steep 25% tariff on steel imports and a 10% tariff on aluminium imports, citing national security considerations under Section 232 of the Trade Expansion Act.
The policy has shaken up the global steel market, including Thailand and many local steel associations, with the Association of Thai Cold Rolled Flat Steel saying the domestic steel industry is poised to lose up to 2.6 billion baht worth of steel export value.
According to a study by the Iron and Steel Institute of Thailand, the country is estimated to lose 10.47 billion baht worth or 383,496 tonnes of steel exports as a direct consequence of the US’s stringent tariffs.
The US was Thailand’s third-largest trade partner in 2017, trailing China and Japan, with two-way trade totalling US$41.4 billion, up $13.3 billion from 2016.
Thai exports to the US totalled $26.54 billion last year, with imports worth $14.86 billion.
Key exports to the US include computers and parts, rubber products, gems and jewellery, TVs, automobiles and parts, canned and processed seafood, rubber products, garments, and canned and processed fruits.
Key i mports from the US i nclude machinery and parts, electric machines and parts, chemicals, crude oil, automotive parts, electrical circuits, iron and steel, computers and parts, and electric appliances.