Thailand has submitted a revised trade proposal to the United States, offering zero tariffs on a range of U.S. imports in an effort to prevent steep tariff increases on its own goods, Finance Minister Pichai Chunhavajira said on Monday.
The move comes ahead of a July 9 deadline, when a 90-day pause capping U.S. tariffs at 10% for most countries expires. If no agreement is reached, Thai exports could face a 36% levy.
The United States accounted for 18.3% of Thailand’s exports last year, totaling $54.96 billion. Washington reported a trade deficit of $45.6 billion with Thailand.
Pichai, who returned from Washington last week, said the revised proposal includes not only tariff reductions but also broader trade-opening measures. He said the updated offer is designed to balance trade with the United States within a decade, ahead of previous projections, and includes commitments to increase imports of American goods.
He added that zero tariffs would apply to a substantial number of items, though not all. The U.S. Trade Representative’s office provided feedback and suggested minor changes to the proposal.
Thailand’s main exports to the United States last year included computers, teleprinters and telephone sets, and rubber products. Top imports from the U.S. were crude oil, machinery and parts, and chemicals.
Pichai noted plans to increase imports of U.S. natural gas and reduce the 73% import tax on U.S. corn.
In June, Thai state-owned PTT Group signed a 20-year agreement to purchase 2 million metric tons of liquefied natural gas annually from Glenfarne’s Alaska LNG project, a $44 billion venture supported by U.S. President Donald Trump.
Pichai said trade talks will likely continue after the pause ends, given the need for broader consultations. He also warned that Thailand’s economy may grow just over 1% this year due to the tariff impact.
The Bank of Thailand last month projected 2.3% growth for 2025, following 2.5% growth last year.
Thailand continues to face challenges including weak consumption, high household debt, declining tourism, and ongoing trade uncertainty.
