Thailand has submitted a range of proposals to the US on how it plans to boost imports and promote investments, the latest bid by the Southeast Asian nation to nudge the Trump administration to begin formal talks over a planned 36% tariff on exports.
The offers were submitted last week, and Thai officials have been informally in touch with the US Trade Representative and some US secretaries, Prime Minister Paetongtarn Shinawatra told reporters on Tuesday. “We’re still waiting for the right time to start talks,” she said.
The Thai proposals are aimed at gradually narrowing its US$46 billion trade surplus with the US and ensuring a lower tariff after an initial appointment slated for late April was postponed indefinitely. US officials asked Thailand to review some key issues including certificate of origin rules before entering into formal tariff negotiations.
Bangkok has already pitched to cut the trade gap with the US, its largest export market last year, by importing more American natural gas and farm commodities including corn and soybean meal. It’s also been pushing Thai firms to invest more in the US to help ward off Trump’s planned tariffs.
The proposals should help secure official meetings in the near future, Finance Minister Pichai Chunhavajira said. The Thai government has been monitoring the progress in tariff talks between the US and its Asian partners China, Japan and South Korea, he added.
A delegation of Thai officials that visited the US last month already discussed preliminary details with US trade groups about pledges to purchase American goods and invest in the the country, Pichai said. “There should be a response soon,” he told reporters.
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Another Thai delegation consisting of large Thai corporations and business groups visited the annual Select USA Investment Summit to scout for investment opportunities. Thai businesses can invest at least $2 billion in the US in the near future, said Nalinee Taveesin, president of Thailand Trade Representatives who led the delegation.
