Thailand and the US say they have agreed the main points of the Agreement on Reciprocal Trade (ART), with technical teams finishing details before the US publishes its Section 301 ruling on excess capacity. Current 301 duty on Thailand (forced-labour case) is 12.5%; countries with a forced-labour import ban or a concluded ART face 10%. The excess-capacity ruling is still pending. For exporters to the US (a market worth about 2.37 trillion baht and over 400,000 jobs), the practical step is to watch the 301 announcement and model your margins at 10% and 12.5% duty; the deal is not yet signed.