BANGKOK: Thailand has submitted a brand new commerce proposal to america, providing to chop levies to zero on many US imports in a bid to keep away from steep tariff hikes by itself merchandise, the finance minister mentioned on Monday (Jul 7).
Washington has threatened to impose a 36 per cent levy on Thai imports if no discount is negotiated earlier than Jul 9, when a 90-day pause capping tariffs at a baseline of 10 per cent for many nations expires.
The US accounted for 18.3 per cent of Thailand’s shipments final yr, amounting to US$54.96 billion in worth, making it Thailand’s greatest export market. Washington says its deficit with Thailand stood at US$45.6 billion.
“We heard their suggestions and what they had been particularly concerned with, and we adjusted it (the commerce proposal),” Minister Pichai Chunhavajira informed reporters, who returned from Washington final week following talks.
The US Commerce Consultant’s workplace praised Thailand’s efforts however urged minor changes, Pichai mentioned.
He mentioned the improved proposal contains zero tariffs on many US imports and different measures that purpose to convey commerce with america into stability in lower than 10 years, earlier than earlier proposed. It additionally contains commitments to extend imports of American items to spice up bilateral commerce.
“It isn’t nearly decreasing tariffs but in addition about opening up commerce additional,” he mentioned.
“In fact, we aren’t providing a 0 per cent tariff throughout the board, however we’re offering zero tariffs on a considerable variety of objects,” Pichai mentioned.
“For my part, the situations we now have proposed are very beneficial and may fulfill them,” he added.
