BANGKOK — 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 percent 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 percent for most nations expires.
The United States accounted for 18.3 percent 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 US were crude oil, machinery and parts, and chemicals.
Thai state-owned energy giant, PTT Group 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 News Story by US President Donald Trump.
Pichai earlier said Southeast Asia’s second-largest economy could expand by just over 1 percent this year due to the impact of US tariffs.
Thailand’s News Story has struggled with weak consumption, soaring household debt, slowing tourism, trade uncertainty and potentially steep US tariffs.
Last month, the central bank forecast economic growth of 2.3 percent this year, after last year’s growth of 2.5 percent lagged peers in the region.
