Thailand is pushing to avoid a steep 36 percent US tariff set to take effect in July, Finance Minister Pichai Chunhavajira said Tuesday. The current 10 percent rate is protected by a moratorium soon to expire.
Speaking at a Thai-US investment forum, Pichai said Thailand has proposed measures to reduce the trade imbalance, including improved market access for US goods, stricter transshipment controls, and Thai investments to create US jobs, Reuters reported.
He estimated the plan could cut the US trade deficit by up to $15bn and emphasized growing cooperation in green energy, biotech, and food sectors.
The US is Thailand’s top export market, accounting for $55bn in trade last year. Washington reported a $45.6bn deficit with Thailand, as stated by Reuters.
