Thailand has submitted latest trade proposal to United States, finance minister says
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.
The United States accounted for 18.3% 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 U.S. were crude oil, machinery and parts, and chemicals.
Thai state-owned energy giant, PTT Group (PTT.BK), opens new tab 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 by U.S. President Donald Trump.
Pichai earlier said Southeast Asia's second-largest economy, opens new tab could expand by just over 1% this year due to the impact of U.S. tariffs.
Thailand's 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.
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