Thailand is ready to cut tariffs to improve trade with America. The Minister of Finance said the Kingdom is preparing to cut import taxes on a menu of goods from the United States including corn, a crucial crop for Thai farmers, to rebalance trade with its old ally.

In addition, the government has proposed importing more liquid natural gas from the U.S., proposing purchases of $500 million over a five-year period. Buying more energy is one of several strategies Thai policymakers have been exploring to recast the trading relationship. Buying more American arms is another among several possible solutions.

As a developing economy that relies upon exports to drive growth, Thailand runs trade surpluses with most advanced economies. That is a traditional pattern among developing nations, whose labor costs are typically much lower than those of wealthier lands.

Thailand has been evolving economically and is striving to escape the middle-income trap. Policymakers are keen to achieve a more even balance between consumption, investment and exports, but the process naturally takes time.

According to Thai local news websites, the government is reportedly considering reducing the tariffs on incoming American agricultural products to zero.

Thailand imports roughly 40 percent of the 9 million tons of corn it consumes annually. Much of it is used to produce animal feed. Thailand imported $2.7 million worth of U.S. corn during 2024, according to the United Nations’ COMTRADE database on international trade.

The United States is the world’s largest corn exporter. The U.S. is forecast to export 65 million tons of corn in marketing year 2024–25, according to the Foreign Agricultural Service of the US Department of Agriculture. The U.S. accounts for around 35 percent of the world’s total corn exports.