Lutnick Says US Struck Trade Deals With Thailand, Cambodia Following Ceasefire — But Details Unclear

U.S. Commerce Secretary Howard Lutnick said on Wednesday that the Trump administration has struck trade deals with Thailand and Cambodia, days after the countries agreed to a truce following deadly clashes due to a border dispute.

In an interview with Fox News’s Sean Hannity, Lutnick said, “And you know what we did today? We made trade deals with Cambodia and Thailand.” However, he did not divulge any details before the interview ended.

Both Thailand and Cambodia were slated to face a tariff rate of 36% from Friday, which would have dealt a blow to the trade-reliant countries as the U.S. is their largest destination for exported goods. Neighbors Indonesia and the Philippines have already secured lower rates of 19%, while Vietnam has agreed to 20% tariffs on its goods.

Retail sentiment on Stocktwits about iShares MSCI Thailand ETF (THD) was in the ‘neutral’ territory at the time of writing. At the same time, traders were ‘bullish’ about iShares MSCI Emerging Markets Asia ETF (EEMA).

U.S. President Donald Trump has thus far utilized trade as a potent tool to mitigate global conflicts. He had threatened to pull out of trade discussions with both countries unless they agreed to a ceasefire after fatal clashes claimed the lives of dozens.

According to a Bloomberg News report, Sun Chanthol, the Cambodian Deputy Prime Minister leading the trade talks, stated that he was unaware of any new agreement. Thailand reportedly expects the final levy to be between 18% and 20%, similar to its regional neighbors.

The U.S. goods trade deficit with Thailand reached $45.6 billion in 2024, and $12.1 billion with Cambodia, which has a smaller economy than its neighbor. Thailand and Cambodia have already offered concessions to sweeten the tariff blow.

Other countries are also rushing to ink a deal with the U.S. ahead of the Aug. 1 deadline. South Korea agreed to a 15% tariff rate, while the White House levied 25% tariffs on India and threatened a penalty for the country’s oil imports from Russia.

Also See: China Factory Activity Slips Despite Trade US Truce — Is The Dragon Losing Its Fire?

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