AsianFin -- Thailand is seeking to avoid steep U.S. tariffs by proposing to significantly boost bilateral trade and cut its $46 billion trade surplus with the U.S. by 70% within five years, aiming to achieve a balanced trade position in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday.

Washington has threatened to impose a 36% tariff on imports from Thailand if no reduction is agreed upon before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations is set to expire.

Thailand is pushing for a best-case scenario of maintaining the 10% rate, Finance Minister Pichai Chunhavajira told Bloomberg in an interview, adding that a tariff in the range of 10% to 20% would still be acceptable.