BANGKOK, July 7 — Thailand, in its latest proposal to avert steep US tariffs, is aiming to boost bilateral trade volumes with the US and reduce its US$46 billion (RM198 billion) trade surplus by 70 per cent within five years, reaching balance in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News yesterday.
Washington has threatened to impose a 36 per cent levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10 per cent for most nations expires.
Thailand is pushing for a best-case rate of 10 per cent, Pichai said Bloomberg in an interview, adding that even a range of between 10 and 20 per cent would be acceptable.
Pichai expects to submit the revised offer before July 9, the report said.
— Reuters
