Recently, new developments have emerged in the negotiations between the United States and the high-tariff Asian countries Cambodia and Thailand.

The Cambodian government announced on July 4 that it had reached an agreement with the United States in tariff negotiations. The two sides will issue a joint statement on reciprocal tariffs in the near future, but the specific contents of the agreement, including tariff rates, remain unclear.

Thai Finance Minister Phichai Chunhawajila said in an interview with Bloomberg on the evening of July 6 that Thailand's new proposal aims to expand the scale of bilateral trade, reduce the $46 billion trade surplus with the United States by 70% within five years, and achieve trade balance within seven to eight years. Pichai said that the revised proposal is expected to be submitted by July 9, before the end of the 90-day tariff moratorium announced by President Trump. He said that if the proposal was accepted, Thailand would immediately lift import tariffs or non-tariff barriers on most products and gradually remove restrictions on a few products.

Cambodia announced an agreement with the United States

Cambodia has become the second Southeast Asian country to reach a tariff agreement with the Trump administration after Vietnam. According to the information released by the Cambodian government, Cambodian Deputy Prime Minister Sun Chanthol held an online consultation with Sarah Ellerman, the Assistant Trade Representative of the United States Trade Representative for Southeast Asia and Pacific Affairs, on July 4. Both sides reached a consensus on the draft of the joint statement.

The Trump administration had previously stated its plan to impose a 49% equivalent tariff on Cambodia.

Cambodia's total export value in 2024 is 26.2 billion US dollars, with nearly 40% of its exported goods sold to the United States. Analysts believe that in order to alleviate the impact on pillar industries such as the textile industry, Cambodia may have made concessions in areas such as expanding imports of American products.

Thailand plans to make more trade concessions to the United States

Thailand is making a final effort to avoid the 36% punitive export tariff threatened by the Trump administration. The country has proposed opening up greater market access to US agricultural and industrial products and increasing the purchase of energy and Boeing aircraft.

"We are presenting them with a mutually beneficial proposal," Pichai said. "The United States can expand trade with us, and we also have the opportunity to streamline processes and reduce red tape."

This revision was made following the first ministerial-level tariff negotiations with US Trade Representative Jamison Greer and Deputy Treasury Secretary Michael Falkend on July 3. Pichai said that among the US products that will gain greater market access in Thailand, many are in short supply domestically in Thailand, and thus are unlikely to harm the interests of local farmers or producers.

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