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

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,