Thailand has submitted latest trade proposal to United States, finance minister says
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Thailand has submitted latest trade proposal to United States, finance minister says
The United States accounted for 18.3% of Thailand’s shipments last year, or $54.96 billion. Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9. Thailand’s top three exports to the United States last year were computers, teleprinters and telephone sets, and rubber products. Its top three imports from the U.S. were crude oil, machinery and parts, and chemicals. The central bank forecast economic growth of 2.3 percent this year.
BANGKOK, July 7 (Reuters) – Thailand has submitted its latest trade proposal to the United States, its finance minister Pichai Chunhavajira said on Monday, as it tries to head off steep tariffs from its largest export market.
Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires.
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The United States accounted for 18.3% of Thailand’s shipments last year, or $54.96 billion. Washington has put its deficit with Thailand at $45.6 billion.
“We heard their feedback and what what they were especially interested in and we adjusted it,” said minister Pichai Chunhavajira, who returned from Washington last week following talks.
He said there could be other adjustments in future.
Thailand’s top three exports to the United States last year were computers, teleprinters and telephone sets, and rubber products. Its top three imports from the U.S. were crude oil, machinery and parts, and chemicals.
Thai state-owned energy giant, PTT Group (PTT.BK) , opens new tab in June signed an agreement to procure 2 million metric tons of liquefied natural gas per year from Glenfarne’s Alaska LNG project over a 20-year term. The $44 billion project has been by U.S. President Donald Trump.
Pichai earlier said Southeast Asia’s second-largest economy , opens new tab could expand by just over 1% this year due to the impact of U.S. tariffs.
Thailand’s has struggled with weak consumption, soaring household debt, slowing tourism, trade uncertainty and potentially steep U.S. tariffs.
Last month, the central bank forecast economic growth of 2.3% this year, after last year’s growth of 2.5% lagged peers in the region.
Reporting by Orathai Sriring and Thanadech Staporncharnchai, Writing by Chayut Setboonsarng, Editing by David Stanway, Martin Petty
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Thailand-US trade talks continue as deadline looms, says minister
Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9. The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments, or $54.96 billion. Washington has put its deficit with Thailand at $45.6 billion.
Speaking while travelling back from Washington from negotiations with the United States, Pichai Chunhavajira said the team emphasised the importance of achieving a sustainable, win-win agreement.
Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires.
The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments, or $54.96 billion. Washington has put its deficit with Thailand at $45.6 billion.
“Although the negotiations have not yet reached a final outcome, it means we need to continue working to maximise the benefits for both countries,“ Pichai said on X social media.
He said the team would work harder to refine Thailand’s proposals to ensure clarity, aiming for an agreement that benefits both parties.
On Monday, Pichai said he hoped the tariffs would not be higher than those imposed on other countries. He earlier said Thailand had submitted a proposal to Washington that aims to address the trade imbalance, and includes measures to enhance market access for U.S. exports and tackle transshipment violations, as well as Thai investment that would create U.S. jobs. He also said earlier that Thailand would import more U.S. natural gas and cut tariffs on imports of corn from the United States. – Reuters
Thai-US trade negotiations not concluded yet, minister says after talks
Thailand has not yet reached a conclusion on trade talks with the United States. The US was Thailand’s largest export market last year, accounting for 18.3 per cent of total shipments. Washington has put its deficit with Thailand at US$45.6 billion.Washington has threatened to impose a 36 per cent levy on imports from Thailand.
Speaking while travelling back from Washington from negotiations with the US, Pichai Chunhavajira said the team emphasised the importance of achieving a sustainable, win-win agreement.
Washington has threatened to impose a 36 per cent levy on imports from Thailand if a reduction cannot be negotiated before Jul 9, when a 90-day pause capping tariffs at a baseline of 10 per cent for most nations expires.
The US was Thailand’s largest export market last year, accounting for 18.3 per cent of total shipments, or US$54.96 billion. Washington has put its deficit with Thailand at US$45.6 billion.
“Although the negotiations have not yet reached a final outcome, it means we need to continue working to maximise the benefits for both countries,” Pichai said on X social media.
He said the team would work harder to refine Thailand’s proposals to ensure clarity, aiming for an agreement that benefits both parties.
On Monday, Pichai said he hoped the tariffs would not be higher than those imposed on other countries. He earlier said Thailand had submitted a proposal to Washington that aims to address the trade imbalance, and includes measures to enhance market access for US exports and tackle transshipment violations, as well as Thai investment that would create US jobs. He also said earlier that Thailand would import more US natural gas and cut tariffs on imports of corn from the US. REUTERS