Thailand to offer US more trade concessions to avert 36% tariff, Bloomberg News reports
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.
Thailand is pushing for a best-case rate of 10%, Pichai said Bloomberg in an interview, adding that even a range of between 10% and 20% would be acceptable.
Pichai expects to submit the revised offer before July 9, the report said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Coin Geek
10 minutes ago
- Coin Geek
Thailand gets new tax measures; Malaysia sets up sandbox
Getting your Trinity Audio player ready... While most governments struggle with digital asset taxation, Thailand has approved a five-year tax exemption plan that the government says will boost innovation. In neighboring Malaysia, the government has launched a new regulatory sandbox for digital asset firms as the race to dominate the sector in Southeast Asia heats up. Thailand's tax exemption It's 'full speed ahead,' Deputy Finance Minister Julapun Amornvivat stated on X as he announced the tax exemption plan. He revealed that the Cabinet had approved new tax measures to support Thailand's ambition to become a 'Digital Assets Hub.' 'The key point is the exemption of personal income tax on capital gains from the sale of digital assets, provided the transactions are conducted through operators regulated by the SEC, covering the period from January 1, 2025, to December 31, 2029,' he stated. With the new exemption, the Thai government intends to promote transparent digital asset trading on regulated exchanges and support innovation, the deputy minister says. And while it will erase capital gains, the government expects the increased trading will increase mid-term tax revenue by at least THB1 billion ($30.6 million). 'The main goal of this legislation is to invigorate Thailand's crypto market, attract foreign investment, boost domestic spending, and potentially pave the way for other forms of taxation, such as Value Added Tax (VAT), in the future,' Amornvivat added. The $30 million in 'crypto' tax revenue would put Thailand at par with countries like Switzerland, Belgium, Norway, and Portugal, according to data from digital asset tax service provider Blockpit. These countries also have attractive taxation policies for the sector; Portugal, for instance, exempts taxation for private individuals who hold their digital assets for more than one year. Blockpit estimates that the United States collected $1.9 billion in 2023, six times higher than second-placed India at $303 million. Japan, France, and the United Kingdom make up the top five. Besides the exemption, the Thai tax agency has also pledged to comply with the Crypto-Asset Reporting Framework designed by the Organisation for Economic Co-operation and Development (OECD). The global standard was launched in 2022 and requires exchanges, wallets, and brokers to report all transactions to prevent tax evasion. Over 50 nations signed the agreement in March this year. 'I firmly believe this is another significant step forward in enhancing our country's economic potential and an opportunity for Thai entrepreneurs to grow on the global stage,' the Deputy Minister concluded. Meanwhile, the Thai Securities and Exchange Commission (SEC) recently launched a public consultation on the listing criteria for digital assets on local exchanges. The proposed criteria would expand the list of issuers and promote innovation, all while increasing safeguards for investors. Malaysia launches Digital Asset Innovation Hub In neighboring Malaysia, the government has launched a Digital Asset Innovation Hub to spur innovation in the blockchain sector. The hub was launched by Prime Minister Anwar Ibrahim, who described it as an initiative that will spark 'deeper collaboration between regulators and industry players,' reports The Business Times. The new hub provides a regulatory sandbox for both local and international virtual asset service providers (VASPs) to test their products and services before rolling them out to consumers. Top financial regulators, including Bank Negara Malaysia and the Securities Commission, will be part of the project to ensure the products adhere to regulations. 'Our ambition is clear—to align infrastructure, policy and talent, across both the public and private sectors, in pursuit of a digitally capable, future-ready Malaysia,' Ibrahim added. The premier identified stablecoins backed by the local ringgit, programmable payments, and supply chain financing as the priority areas for VASPs in the hub. Programmable payments, in particular, have been of interest to Malaysia for some time; the country's central bank digital currency (CBDC), which the central bank has been exploring for years, will support these payments. With the ringgit-backed stablecoin, Malaysia would join dozens of countries pushing for stablecoins backed by their local currencies as USD-backed options dominate the market with a 98% market share. The central bank has expressed its support for the hub, which Governor Abdul Rasheed Ghaffour says will enable Malaysia 'to build a strong foundation for an adaptive and resilient economy.' Watch | From BRICS to Blockchain: How Global Trade and Digital Currencies Are Evolving title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Daily Mail
23 minutes ago
- Daily Mail
Houston mayoral appointee melts down over 'whites-only' Camp Mystic while blaming Trump for 'extremely preventable' flood tragedy
A Houston mayoral appointee went ballistic by criticizing a Texas camp site where seven little girls perished in floodwaters - then blaming President Donald Trump for the tragedy. In a series of cruel videos, Sade Perkins vented her frustrations against the 'whites only Christian camp' hours after a heavy deluge ripped through Camp Mystic in Hunt on the Fourth of July. 'I know I'm going to get cancelled for this, but Camp Mystic is a white-only girls' Christian camp,' she raged on TikTok as at least nine girls were still missing. 'They don't even have a token Asian. They don't have a token Black person. It's an all-white, white-only conservative Christian camp.' Perkins was admonished by Houston Mayor John Whitmire, who said he would take steps to remove her from the board. However, she doubled down by blaming Trump, Texas Governor Greg Abbott and Lieutenant Governor Dan Patrick for the tragedy, describing it as 'totally preventable.' She complained she had become 'the scapegoat to cover up for the f***up of a flood', instead arguing the 'reason' for the natural disaster was 'of course your friendly MAGA Trump up there in the White House.' 'I did not cause the flood, nor did I cause the failure from the National Weather Service and FEMA. Those were done by design, by the Lieutenant, and by the Governor, and your f***ing President,' she said. Perkins was admonished by Mayor Whitmire, who issued a statement apologizing for the horrifying comments as the death toll rose to 82, including 23 children and seven girls from the summer camp. Sade Perkins vented her frustrations against the 'whites only Christian camp' hours after a heavy deluge ripped through Camp Mystic in Hunt on the Fourth of July 'The comments shared on social media are deeply inappropriate and have no place in decent society, especially as families grieve the confirmed deaths and the ongoing search for the missing,' Whitmire said. 'The individual who made these statements is not a City of Houston employee. She was appointed to the City's Food Insecurity Board by former Mayor Sylvester Turner in 2024, and her term expired in January 2025.' Whitmire said steps were being taken immediately 'to remove her permanently from the board' and vowed he 'has no plans to reappoint her.' But Perkins had no regrets after being publicly scolded by the mayor on Sunday, instead doubling down on her extraordinary attack on the camp. 'You people are f**king crazy, you people are insane,' she said of her critics. 'And the video is still up and I still stand behind - 10 toes down on the motherf***ing ground. 'That s**t is racism and white supremacy, period. 'If it was Hispanic kids, if it was LGBTQ kids that got swept away y'all wouldnt give a f**k and them same MAGA people would be saying they deserve it and that it's God's will, so f**k all y'all.' Addressing Mayor Whitmire's comments head-on, Perkins said: 'Mayor Whitmire is a piece of s**t.' Her extraordinary comments come as Nim Kidd, Chief of the Texas Division of Emergency Management, advised Kerr County to brace for more of the deadly rains as a 'wall of water' is set to descend upon the flood ravaged region. Locals in central Texas are being urged to scramble to higher ground following further flash flood warnings as a result of further rain falling on saturated ground. Camp Mystic director Richard 'Dick' Eastland, 70, was among the casualties. He died while trying to rescue campers from the biblical rushing waters as they struck his grounds. Renee Smajstrla, eight, Janie Hunt, nine, and Alabama native Sarah Marsh, 8, all perished when the camp was washed away by the flood waters. Best friends Lila Bonner, 9, and Eloise Peck, 8, were also killed in the devastating flooding. The bodies of Anna Margaret Bellows, 8, Lainey Landry, 9, and camp counselor Chloe Childress were recovered on Sunday evening. At least nine girls remain missing after the Guadalupe River flooded and surged by up to 30 feet above its usual water level Friday. The camp director's wife, Tweety, was found safe at their home. The Eastlands have owned and operated Camp Mystic since 1974, and many viewed him as a father figure at the camp. Search and rescue workers dig through debris looking for any survivors or remains of people swept up in the flash flooding 'It doesn't surprise me at all that his last act of kindness and sacrifice was working to save the lives of campers,' The Kerrville Daily Times guest columnist Paige Sumner said in a tribute to Eastland. Governor Abbott said the banks of the Guadalupe River, where some 750 girls had been staying when the floodwaters hit, had been 'horrendously ravaged in ways unlike I've seen in any natural disaster.' 'The height the rushing water reached to the top of the cabins was shocking,' he said on X after visiting the camp on Saturday. Photos show the summer camp was destroyed after the deadly floodwaters wrecked the grounds. Windows in the cabins were shattered and the interiors were completely covered in mud, with campers belongings in disarray. Camp Mystic was due to celebrate its hundredth year, and has a long and illustrious history as the camp of choice for well-off families in Texas. The daughter of multiple governors and former First Lady Laura Bush are just some of the alumni. Nine-year-old Janie Hunt, who perished in the floods, was the great-granddaughter of late billionaire William Herbert Hunt, whose brother was the founder of the Kansas City Chiefs.
Daily Mail
an hour ago
- Daily Mail
Tesla stock nosedives in pre-market trading after Elon challenged Trump with new party
Elon Musk 's Tesla took a stumble in pre-market trading as one investor has said the former 'First Buddy' launching a new political party is 'the opposite' of what shareholders want. The former head of the Department of Government Efficiency (DOGE) announced that he was launching the America Party on Saturday, a direct outburst of his displeasure with Donald Trump 's 'One Big, Beautiful Bill.' The spending measure, Musk says, will drive the nation into bankruptcy, and the America Party will unite 'the 80 percent' of Americans in the center against the two major parties. Investors appeared to recoil at this news, as Tesla dropped 2.6 percent in pre-market trading ahead of opening after the holiday weekend. It continues a 22 percent drop in stock for the electric vehicle maker in 2025 alone amid Musk's political rise. Dan Ives, an analyst for Tesla and considered one of its most optimistic investors, said that Musk is getting away from what he needs to be doing at his day job. 'Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that most Tesla investors want him to take during this crucial period for Tesla,' he wrote on Musk-owned X. 'We get why Musk doing this…just causing exhaustion from many investors.' Business Insider reported that Ives published a note pointing out that Musk could be creating a powerful enemy for Tesla in Donald Trump. 'Musk/Tesla do not need to keep poking the bear as Trump can create more hurdles for Musk/Tesla/SpaceX over the coming years,' he wrote. Ives said that investors were pleased with Musk departing the Trump administration - initially on good terms - and returning to Tesla. 'That relief lasted a very short time and now has a taken a turn for the worst with this latest announcement,' Ives wrote. has reached out to Tesla for comment. On Sunday, Trump took his first chance to sound off on his former ally attempting to launch a competing party. Trump said Musk's America Party would 'never work' as the world's richest man carried out his threat to challenge the two-party system. 'Have fun,' Trump said in response. And, in a lengthy post on his Truth Social account, Trump accused Musk of going 'completely off the rails.' 'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks. He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States.' 'I think it's ridiculous to start a third party,' Trump - who ran for president on the Reform Party ticket in 2000 - told reporters in New Jersey on his way back to the White House after a weekend at his Bedminster golf club. 'We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two party system, and I think starting a third party just adds to confusion. It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous.' Musk quickly, indirectly, responded on social media, asking: 'What the heck was the point of @DOGE if he's just going to increase the debt by $5 trillion??' He then quoted Dune, writing of Trump: 'Fear is the mind-killer. Fear is the little death that brings total. Obliteration.' Musk vowed vengeance after Congress passed Trump's signature legislation to fund the government. The Tesla founder was angry it contained no federal subsidies for electronic vehicles. And Musk was furious the legislation added to the country's debt. During his time at the Department of Government Efficiency, Musk worked to cut the size and scope of the federal government. But Trump said Musk knew all along he wouldn't get a subsidies. 'When Elon gave me his total and unquestioned Endorsement, I asked him whether or not he knew that I was going to terminate the EV Mandate - It was in every speech I made, and in every conversation I had. He said he had no problems with that - I was very surprised!,' he wrote in his Truth post. As lawmakers debated Trump's legislation, Musk - the bill's biggest critic - threatened them repeatedly with primaries and then vowed to start his own political movement. It passed last week and Trump signed it into law on the Fourth of July. And, this weekend, Musk carried out his threat. 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,' he wrote Saturday on X. 'Today, the America Party is formed to give you back your freedom.' Musk spent almost $300 million supporting Trump and Republicans in the 2024 election. He and Trump started out close with the president even inviting Musk to stay in the Lincoln Bedroom at the White House. But duo got into a social media war during debate on the 'big, beautiful bill,' leading to Musk threatening to use his billions to start a third political party and Trump threatening to deport the naturalized American citizen. Musk could impact the 2026 midterm elections that determine control of Congress if he is willing to spend significant amounts of money. However, starting a third party has its difficulties. Every state has different requirements to put a candidate on the ballot and the heavily-gerrymandered congressional districts could prove hard for a third-party candidate to penetrate. Republicans currently hold slim majorities in both the House and Senate with just a handful of seats giving them the edge over Democrats. Out of 100 seats in the U.S. Senate, 53 are held by Republicans. In the U.S. House of Representatives, 220 seats are held by Republicans and 212 are held by Democrats with three seats presently vacant due to members passing away. The margins could easily shift with a few well-placed victories. The world's richest man spent Sunday morning on X taking feedback from users about the party. He indicated he was going to use it in next year's contests. He also vented his anger at Republicans. 'The Republican Party has a clean sweep of the executive, legislative and judicial branches and STILL had the nerve to massively increase the size of government, expanding the national debt by a record FIVE TRILLION DOLLARS,' he wrote on X. And he vowed to crack America's politics.
