Thailand sends trade proposal to US

Thailand has sent a trade proposal to the U.S., Prime Minister Paetongtarn Shinawatra said on Tuesday, as her government seeks negotiations to reduce U.S. tariffs.

Thailand is among the Southeast Asian nations hardest hit by measures introduced by U.S. President Donald Trump, facing a tariff of up to 36% on its exports if a reduction cannot be negotiated before a global moratorium expires in July.

There have been discussions with representatives from various sectors, and a trade proposal has been sent to the U.S., Paetongtarn told reporters, adding that the government is waiting for the right time to schedule talks.

Regarding measures to address the trade imbalance with the U.S., the Thai government said it will increase imports of U.S. goods - such as corn, soybean meal, crude oil, ethane, liquefied natural gas, automobiles, and electronics - to reduce its bilateral trade surplus with Washington.

Thailand will also promote more Thai investment in the U.S. and crack down on false claims of origin for products using Thailand as a transit point for shipments to the U.S.

The U.S. was Thailand’s largest export market last year, importing goods worth $55 billion. Washington has estimated its trade deficit with Thailand at $45.6 billion.