Call for joint Asean team to negotiate with US over tariffs

Former finance minister Korn Chatikavanij wants the Thai government to urgently form a joint Asean negotiation team to engage with the US on reducing proposed tariffs, including a 36% rate on Thai goods set to take effect on Aug 1.

- NUNTAWUN POLKUAMDEE

Mr Korn, chairman of wealth management platform Finnomena, described the 36% tariff as the worst-case scenario for trade negotiations, as it was US President Donald Trump's initial tariff rate for Thailand back in April.

The steep tariffs pose serious risks to Thailand's economic stability, financial markets and global competitiveness, he said.

Mr Korn also called for a restructuring of the 2026 national budget to compensate sectors affected by the tariffs. He emphasised the need for transparency, urging the government to clearly explain any industry liberalisation decisions made in exchange for tariff reductions so that affected businesses are fully informed and can prepare accordingly.