Thailand offers US more concessions to avoid tariffs

Thai Finance Minister Pichai Choonhavajirao said his country aims to boost bilateral trade volume with the United States and reduce its $46 billion trade surplus by 70% within five years, reaching balance within seven to eight years.

Washington has threatened to impose a 36% tax on imports from Thailand if a reduction is not negotiated before July 9, when a 90-day temporary pause that caps tariffs at 10% for most countries expires.

According to Reuters, Pichai said Thailand is aiming for a 10% rate, adding that even a range of 10% to 20% would be acceptable.