Thailand is proposing to reduce its USD 46 billion trade surplus with the U.S. by 70% within five years and achieve a trade balance in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News Sunday. The blueprint strives to boost bilateral trade and comes ahead of a July 9 deadline, when a 90-day pause on U.S. tariffs - currently capped at 10% for most countries - expires. Washington has warned that it will impose a 36% tariff on Thai imports if no deal is reached. Thailand is pushing for a best-case rate of 10%, though Pichai said a range of 10% to 20% would still be acceptable. A revised offer is expected to be submitted before the deadline.