BANGKOK: Thailand is committed to creating a fair relationship in trade and investment with the United States, the finance minister said on Tuesday as the Southeast Asian nation seeks talks with Washington to head off threatened tariffs.
Thailand faces a 36% U.S. tariff if a reduction can’t be negotiated before a moratorium expires in July. The U.S. has set a 10% tariff for most nations while the moratorium is in place.
More collaboration was expected in the energy sector, Pichai Chunhavajira told a Thai-U.S. investment forum, with Thailand keen for partners in green energy and interested in working with U.S. biotech, food processing, and wellness companies.
Thailand has submitted a proposal to Washington that aims to address the trade imbalance including by enhancing market access for U.S. exports, tackling transshipment violations, and Thai investment that would create U.S. jobs, he said.
The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments worth $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion.
