US Tariffs has left nations in a state of confusion and turbulence. To cope with the looming pressure amidst the US Tariffs several new deals are being signed, and nations are entering into pacts to bring mutual benefits. In one such attempt, Thailand has entered into a deal with Beijing that brings mutual benefits because countries in the region are under pressure from the US tariff measures and are seeking to diversify their markets. Under the deal China has planned to buy 500,000 tonnes of Thai rice which is expected to give a timely boost to exports at a time when the United States is applying tariff pressure across the region.
Economist Somjai Phagaphasvivat further said that Thailand’s growth is likely to reach only 1.2% in the third quarter, down from 3.2% in the first quarter and 2.8% in the second quarter he further added that without new measures the final quarter is predicted to fall to 0.6%. the figures suggest that Thailand need a trade boost that can help them ease the pressure amid the US Tariffs.
Thai Govt. Confident to Meet its Target Despite US Tariffs
Thailand China Rice deal suits the needs of both countries, further experts believe that with Singapore preparing to buy another 100,000 tonnes of rice and food products, the government is confident of meeting Thai exports target of 7.5 million tonnes of rice this year and possibly 8 million next year. Considering China purchase of 500,000 tonnes of rice a timely boost, the economist further said that if the payment is accelerated, the money can help this quarter and spill over into early next year.
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