(Reuters) -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, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday.

Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires.

Thailand is pushing for a best-case rate of 10%, Pichai said Bloomberg in an interview, adding that even a range of between 10% and 20% would be acceptable.

Pichai expects to submit the revised offer before July 9, the report said.