Latest news with #tradeproposal
Yahoo
08-07-2025
- Business
- Yahoo
Thailand submits new trade proposal offering zero tariffs on many US goods
By Kitiphong Thaichareon and Orathai Sriring BANGKOK (Reuters) -Thailand has submitted a new trade proposal to the United States, offering to cut levies to zero on many U.S. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
07-07-2025
- Business
- CNA
Thailand submits new trade proposal offering zero tariffs on many US goods
BANGKOK: 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 (Jul 7). Washington has threatened to impose a 36 per cent levy on Thai imports if no reduction is negotiated before Jul 9, when a 90-day pause capping tariffs at a baseline of 10 per cent for most nations expires. The United States accounted for 18.3 per cent of Thailand's shipments last year, amounting to US$54.96 billion in value, making it Thailand's biggest export market. Washington says its deficit with Thailand stood at US$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 US Trade Representative's office praised Thailand's efforts but suggested minor adjustments, Pichai said. He said the improved proposal includes zero tariffs on many US 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 per cent 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 US were crude oil, machinery and parts, and chemicals. Pichai said earlier that Thailand would import more US natural gas and cut tariffs on imports of corn from the United States. US corn is subject to a 73 per cent 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 tonnes of liquefied natural gas per year from Glenfarne's Alaska LNG project over a 20-year term. The US$44 billion project has been championed by US President Donald Trump. Pichai earlier said Southeast Asia's second-largest economy could expand by just over 1 per cent this year due to the impact of US tariffs. Thailand's economy has struggled with weak consumption, soaring household debt, slowing tourism, trade uncertainty and potentially steep US tariffs.
CNA
14-05-2025
- Business
- CNA
Thai minister says US trade pitch gets positive response
BANGKOK :Thailand has told Washington it will crack down on transshipments through its ports, buy more U.S. goods and improve local market access as part of a pitch to avoid steep tariffs on its exports, its finance minister said on Wednesday. Thailand is among Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, facing a 36 per cent tariff on its exports if a reduction can't be negotiated before a global moratorium expires in July. "Our trade proposal is a 'win-win' solution," Pichai Chunhavajira told reporters, adding U.S. Treasury Secretary Scott Bessent had responded positively to the proposal. "This shows that Thailand is one of the trading partners that the United States considers important and is ready to discuss and find a solution on the reciprocal tariffs," he said. The trade proposal submitted to Washington includes strengthening cooperation in sectors such as food processing and digital technology as well as increased Thai investment in the U.S., Pichai said. There would also be strict enforcement of rules of origin to the routing of shipments from third countries through Thailand, he said. Steps to increase imports of U.S. energy, agricultural products, aircraft and parts, and to provide greater market access for U.S. farm products, including fruits and feed corn, were also in the offer, he said.
Al Arabiya
13-05-2025
- Business
- Al Arabiya
Thailand sends trade proposal to the US amid tariff row
Thailand has sent a trade proposal to the United States, Prime Minister Paetongtarn Shinwatara said on Tuesday, as the government seeks negotiations to reduce steep US tariffs. Thailand is among the Southeast Asian nations hardest hit by US President Donald Trump's measures, facing a 36 percent tariff on its exports if a reduction can't be negotiated before a global moratorium expires in July. 'We are waiting for the right time to make an appointment to talk, but last week we sent a proposal to America,' Paetongtarn told reporters, adding there had been discussions with representatives from many sectors. The government has said it would increase imports of US goods, such as corn, soybean meal, crude, ethane, liquefied natural gas, autos and electronics to reduce its bilateral trade surplus with Washington. Thailand has said it will also promote more Thai investment in the United States and crack down on false claims of origin for products that use Thailand to ship to America. The United States was Thailand's largest export market last year, taking $55 billion of shipments. Washington has put its deficit with Thailand at $45.6 billion.
