Thailand remains optimistic about securing a lower tariff rate than the 36% levy announced by President Donald Trump, based on its offer to reduce import tax on most US goods to zero, Finance Minister Pichai Chunhavajira said.

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.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira expressed confidence that Thailand can negotiate a US tariff deal below 36% before the August 1 deadline,