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 has submitted a revised trade proposal to the United States in a last-ditch effort to avoid steep tariffs, Finance Minister Pichai Chunhavajira confirmed on Monday. The move comes ahead of a looming July