Thailand is among the Southeast Asian nations hardest hit by measures introduced by US President Donald Trump, facing a tariff of up to 36% on its exports if a reduction cannot be negotiated before a global moratorium expires in July.
Thailand Prime Minister Paetongtarn Shinawatra holds a press conference after the cabinet meeting on March 13. (Photo: Government House)
Bangkok (VNA) – Thailand has sent a trade proposal to the US, Prime Minister Paetongtarn Shinawatra said on May 13, as her government seeksღ negotiations to reduce US tariffs.
Thailand is among the Southeast Asian nations hardest hit by measures introduced by US President Donald Trump, facing a tariff of up to 36% on its exports if a reduction cannot be negotiated before a global moratorium expires in July.
There have been discussions with representatives from various sectors, and a trade proposal has been sent to the US, Paetongtarn told reporters, adding that the government is waiting for the right time to schedule talks.
Regarding measures to address the trade imbalance with the US, the Thai government said it will increase imports of US goods—such as corn, soybean meal, crude oil, ethane, liquefied natural gas, automobiles, and electronics—to reduce its bilateral trade surplus with Washington.
Thailand will also promote more Thai investment in the US and crack down on false claims of origin for products using Thailand as a transit point for shipments to the US.
The US was Thailand’s largest export market last year, importing goods worth 55 billion USD. Washington has estimated its trade deficit with Thailand at 45.6 billion USD./.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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