Thailand remains optimistic about securing a lower tariff rate than the 36% levy announced by President Donald Trump, based on its offer to reduce import tax on most US goods to zero, Finance Minister Pichai Chunhavajira said.

Thailand, in its latest proposal to avert steep U.S. tariffs, is aiming to boost bilateral trade volumes with the U.S. and reduce its $46 billion trade surplus by 70% within five years, reaching balance in seven to eight years,

US President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug 1.

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.