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The Star
07-07-2025
- Business
- The Star
Thailand submits new trade proposal offering zero tariffs on many US goods
Thailand's Finance Minister and Deputy Prime Minister Pichai Chunhavajira. - REUTERS/Chalinee Thirasupa BANGKOK (Reuters): Thailand has submitted a new trade proposal to the United States, offering to cut levies to zero on many US imports in a bid to avoid steep tariff hikes on its own products, the finance minister said on Monday. Washington has threatened to impose a 36% levy on Thai imports if no reduction is negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires. The United States accounted for 18.3% of Thailand's shipments last year, amounting to $54.96 billion in value, making it Thailand's biggest export market. Washington says its deficit with Thailand stood at $45.6 billion. "We heard their feedback and what they were especially interested in, and we adjusted it (the trade proposal)," minister Pichai Chunhavajira told reporters, who returned from Washington last week following talks. The U.S. Trade Representative's office praised Thailand's efforts but suggested minor adjustments, Pichai said. He said the improved proposal includes zero tariffs on many U.S. imports and other measures that aim to bring trade with the United States into balance in less than 10 years, sooner than earlier proposed. It also includes commitments to increase imports of American goods to boost bilateral trade. "It's not just about reducing tariffs but also about opening up trade further," he said. "Of course, we are not offering a 0% tariff across the board, but we are providing zero tariffs on a substantial number of items," Pichai said. "In my view, the conditions we have proposed are very favourable and should satisfy them," he added. Trade talks are expected to continue after the tariff pause ends, as negotiating trade terms requires consultations among multiple stakeholders, Pichai said. 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. Pichai said earlier that Thailand would import more U.S. natural gas and cut tariffs on imports of corn from the United States. U.S. corn is subject to a 73% import tax, according to the Thai Feed Mill Association. The 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 championed by U.S. President Donald Trump. Pichai earlier said Southeast Asia's second-largest economy could expand by just over 1% this year due to the impact of U.S. tariffs. Thailand's economy 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; Kitiphong Thaichareon and Thanadech Staporncharnchai, Writing by Chayut Setboonsarng, Editing by David Stanway, Martin Petty) - Reuters
Reuters
11-04-2025
- Business
- Reuters
Thailand will cut tariffs on US corn imports, minister says
BANGKOK, April 11 (Reuters) - Thailand will cut tariffs on imports of corn from the United States, but volumes still need to be finalised, the finance minister said on Friday. The country is among those in Southeast Asia hardest hit by U.S. President Donald Trump's trade measures, with a much larger than expected 36% tariff. A 90-day pause on the U.S. tariffs will give officials more time to prepare a response. Thailand consumes about 9 million metric tons of corn annually, importing about 4 to 5 million tons, Pichai Chunhavajira said, adding that imports would have to benefit the country. "The cost of American corn is cheap, making the cost of our animal feed lower." U.S. corn is subject to a 73% import tax, according to the Thai Feed Mill Association. The impact of the import volumes would have to first be assessed, he said, adding that Thailand could cut tariffs on agricultural products to zero and import more natural gas, while flag carrier Thai Airways ( opens new tab plans to buy more planes from Boeing (BA.N), opens new tab. "We give equal treatment to all. If we give others 5%, then we give America 5%. If we give others 0% then we give America 0%. We will not be disadvantaged." For now, there are no plans to import U.S. pork as it will affect local producers, he added. 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. "We have plans prepared, but are not disclosing them. We are not idle," Pichai said, adding that the government is assessing the reaction of other countries and nothing was set in stone. However, he said there were also plans to increase joint investment in energy with the U.S. and that he hoped to discuss trade and investment with U.S. officials soon so that Thai exporters are not disadvantaged.
Yahoo
11-04-2025
- Business
- Yahoo
Thailand will cut tariffs on US corn imports, minister says
BANGKOK (Reuters) - Thailand will cut tariffs on imports of corn from the United States, but volumes still need to be finalised, the finance minister said on Friday. The country is among those in Southeast Asia hardest hit by U.S. President Donald Trump's trade measures, with a much larger than expected 36% tariff. A 90-day pause on the U.S. tariffs will give officials more time to prepare a response. Thailand consumes about 9 million metric tons of corn annually, importing about 4 to 5 million tons, Pichai Chunhavajira said, adding that imports would have to benefit the country. "The cost of American corn is cheap, making the cost of our animal feed lower." U.S. corn is subject to a 73% import tax, according to the Thai Feed Mill Association. The impact of the import volumes would have to first be assessed, he said, adding that Thailand could cut tariffs on agricultural products to zero and import more natural gas, while flag carrier Thai Airways plans to buy more planes from Boeing. "We give equal treatment to all. If we give others 5%, then we give America 5%. If we give others 0% then we give America 0%. We will not be disadvantaged." For now, there are no plans to import U.S. pork as it will affect local producers, he added. 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. "We have plans prepared, but are not disclosing them. We are not idle," Pichai said, adding that the government is assessing the reaction of other countries and nothing was set in stone. However, he said there were also plans to increase joint investment in energy with the U.S. and that he hoped to discuss trade and investment with U.S. officials soon so that Thai exporters are not disadvantaged. Sign in to access your portfolio
Bloomberg
19-02-2025
- Business
- Bloomberg
Thai Feed Mills Eye $2.8 Billion of US Crops Amid Tariff Risks
Thailand's feed industry is pitching to buy about $2.8 billion worth of agricultural commodities annually from the US instead of other suppliers, as the Southeast Asian nation seeks to narrow its $35 billion trade surplus and head off possible tariffs on its own exports. The Thai Feed Mill Association is in talks with the government to ease some rules to make US feedstuffs like soybean meal and corn more competitive to ship in, Pornsil Patchrintanakul, president of the organization, told Bloomberg News in an interview.
