Thailand’s foreign minister and deputy prime minister, Sihasak Phuangketkeow, told Bloomberg in an interview that ran on September 24, 2026 that his country is actively negotiating tariff terms with the United States, and that the obstacle to a deal sits somewhere more complicated than the headline rate. Bloomberg reported on September 24, 2026 that Thailand says market access is the sticking point in US trade talks, which is the frame the minister returned to across the conversation.
That framing has a run-up. Bloomberg reported on September 15, 2026 that Thailand was seeking to seal a US tariff deal ahead of planned leader-level talks with President Trump. Reuters reported on September 16, 2026 that Thailand had proposed a meeting between its prime minister and President Trump for trade talks. And the Bangkok Post reported on September 21, 2026 that the Thai government was racing to conclude US tariff negotiations. Read together, they describe a government moving fast, which is what gives the minister’s careful choice of words this morning some weight.
Why Thailand Is Framing This as Trade Being “Weaponized”
Sihasak Phuangketkeow opened with the premise the rest of his position rests on: “In the current environment, trade has been weaponized.” That is his characterization of the backdrop, and it sets up why a mid-sized exporting economy is talking about reciprocity as a value rather than a mechanism.
He then confirmed the state of play directly. Sihasak Phuangketkeow said Thailand is “Right now in serious discussion with the United States on the issue of tariffs. On the issue of the reciprocal trade agreement.” Two tracks, in other words: the tariff rate itself, and a broader reciprocal trade framework whose terms have not been made public.
Market Access Is Where US-Thailand Talks Are Stuck
Asked what is standing in the way, Sihasak Phuangketkeow said: “We do have something to offer. What is the key issue standing in the way? Well, the key issues, uh, basically market access.”, according to Thailand
That distinction matters. He is describing the obstacle as market access for American firms inside Thailand rather than the tariff number the United States charges at the border. For investors trying to read where mid-sized economies are being pushed, that is the tell. Bilateral tariff talks in this cycle appear to be won and lost on domestic access concessions.
On the rate itself, per our editor’s segment of the interview, Thailand currently faces a 12.5% tariff from the United States. That figure comes from the interview summary and we were unable to verify it against a second source, so treat it as reported rather than established.
A Mid-Sized Economy Arguing That Reciprocity Should Still Mean Something
Asked how Thailand intends to close the gap, Sihasak Phuangketkeow said: “We are negotiating in good faith. But it takes accommodation on both sides.” That second sentence carries the whole posture, according to Thailand. Thailand is signalling willingness while stating a condition.
The asymmetry is the story. A country without superpower leverage is arguing that reciprocity should still mean something, and offering good faith and market value as the terms it can put on the table. Whether that is enough to move a bilateral negotiation with Washington is the open question, and one worth leaving open.
Underneath it all sits the same macro backdrop U.S. investors have been watching. The U.S. Bureau of Economic Analysis trade balance series continues to run in deep deficit, which is the environment in which these bilateral talks are happening.
What to Watch Next
Three things will tell investors whether the minister’s framing holds. First, whether the proposed leader-level meeting reported by Reuters actually gets scheduled. Second, whether market access, rather than the tariff line, becomes the language both sides use publicly. Third, whether “accommodation on both sides” produces anything concrete, or stays a talking point, according to Thailand. Sihasak Phuangketkeow left all three unresolved this morning, which is likely the most accurate read of where the negotiation actually is.