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.
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.
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