YANGON (Bloomberg): Myanmar’s military government said it remains upbeat on reaching a deal with the US to see a decrease in Trump’s new tariffs of 40% on goods from the South-East Asian country.
"The US continues to negotiate with us on this, so it’s still in a stage of negotiation,” Zaw Min Tun, chief spokesman of the ruling State Security and Peace Commission, told Bloomberg News on Saturday.
Myanmar has offered to reduce its tariff on American goods entering the country to a range of 0%-15%, from the previous rate of 88%, and expects the ones imposed by the US to drop to a range of 0%-7%, he said.
The nature and channel of ongoing discussions between the US and Myanmar is not immediately clear as Washington has imposed sanctions on most of Myanmar's generals and cabinet members following a military coup that ousted Aung San Suu Kyi-led civilian government in 2021.
Last month, junta chief Min Aung Hlaing praised Donald Trump in a rare letter and compared his military’s coup to the American president’s baseless claims of US election fraud, suggesting both leaders were victims of rigged votes.
In there, he requested a reduced tariff rate and offered to send a high-level trade delegation to Washington.
Myanmar’s bilateral trade with the US is relatively small compared to other countries in the region.
The value of two-way trade was US$588.3 million in the fiscal year ended March, down from US$701.9 million a year earlier, while the US continued to see a trade deficit, according to government data.
Myanmar has been struggling with a crippling economy and a growing civil war since the military seized power more than four years ago.
Earlier this week, the regime lifted a 54-month state of emergency, paving the way for long-promised general elections in December, which many countries consider a sham.
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