Thailand has put forward a proposal to the US to avoid a 36% tariff on its exports, aiming to increase bilateral trade.

Thailand's Finance Minister Pichai Chunhavajira said his country proposes to increase trade volumes with the US and reduce its trade surplus by 70% over the next five years. Washington is threatening a 36% tariff if an agreement is not reached by July 9. Thailand hopes for a final rate of 10%, but would also accept a margin between 10% and 20% as a compromise.