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 is making a last-ditch effort to avert a punitive 36% export levy threatened by the Trump administration with offers of greater market access for US farm and industrial goods, along with increased purchases of energy and Boeing jets.