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Bangkok's latest proposal aims to boost bilateral trade volume and reduce Thailand's $46 billion trade surplus with the US by 70% within five years, reaching balance in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News in an interview late Sunday. That's quicker than the pledge to wipe the gap in a decade under an earlier proposal submitted by Thailand.
Pichai expects to submit the revised offers before July 9 — the end of the 90-day tariff pause announced by President Donald Trump. If accepted, Thailand can immediately waive import tariffs or non-tariff barriers for a majority of the products, while phasing out restrictions more gradually for a smaller set of goods, he said.
Read: US Trade Partners Race for Deals as Trump Readies Tariff Notices
The revisions followed Pichai's meeting Thursday with US Trade Representative Jamieson Greer and Deputy Secretary of Treasury Michael Faulkender in the first ministerial-level tariff talks. As many of the US products which will gain greater access into the Thai market are in short supply locally, they are unlikely to hurt local farmers or producers, Pichai said.
'What we're offering them is a mutually beneficial proposal,' Pichai said. 'The US can trade more with us and we get to the chance to clean up our process and cut red tapes.'
Thailand is one of several countries racing to finalize a deal with the US and avoid steep tariffs. Failure to secure a reduced tariff with its largest export market could result in a sharp decline in merchandise shipments and shave as much as one percentage point off Thailand's projected economic growth.
Neighboring Vietnam secured a deal last last week, with Trump announcing a 20% tariff on its exports and a 40% rate on goods deemed to be transshipped.
Thailand is pushing for a best-case rate of 10%, Pichai said, adding that even a range of between 10% to 20% would be acceptable. 'The worst thing that can happen is we get the worst deal out of our regional neighbors.'
Thailand has also made more 'aggressive' adjustments to plans for purchasing US energy — particularly liquefied natural gas — and Boeing aircraft, which are expected to significantly reduce the trade imbalance, Pichai said.
Thai petrochemical companies including SCG Chemicals Pcl and PTT Global Chemical Pcl have pledged to import more US ethane. PTT Pcl has said it could buy two million tons of LNG from the Alaska gas project annually over a 20-year term, while state-controlled companies are exploring interests in co-developing the project. National flag carrier Thai Airways has indicated it could buy as many as 80 Boeing jets in the coming years.
Securing a lower U.S. tariff rate is seen as key to insulating Thailand's trade-dependent economy from further downside. Growth is already under pressure from Southeast Asia's highest household debt and sluggish domestic consumption. A favorable deal would also help ease investor concerns stoked by political turmoil following the court-ordered suspension of Prime Minister Paetongtarn Shinawatra over alleged ethical misconduct in handling a border dispute with Cambodia.
Thailand's exports have surged about 15% in the first five months of the year, driven largely by front-loaded orders during the 90-day pause on proposed high tariffs.
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