Thailand has submitted a new trade proposal to the United States, offering to cut levies to zero on many U.S. imports in a bid to avoid steep tariff hikes on its own products, the finance minister said on Monday.

Thailand aims to reduce its $46 billion trade surplus with the U.S. by 70% within five years, reaching balance in seven to eight years, in its latest attempts to avert Trump's steep 36% levies,

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.