Thailand expects the Trump administration to offer it a “very good” trade deal after agreeing to end an armed border conflict with Cambodia under a US-backed peace initiative, its Acting Prime Minister Phumtham Wechayachai said.

Thailand and Cambodia reached a ceasefire deal "through trade," President Donald Trump announced Monday, ending a burgeoning conflict that displaced 260,000 people.

A ceasefire between Thailand and Cambodia held and military commanders from both sides met to discuss measures to maintain the truce, as some residents along the disputed frontier trickled back home after five days of intense fighting.

Thai and Cambodian leaders agreed to halt hostilities in their deadliest border conflict in more than a decade, after a push by the US and regional powers for a diplomatic resolution.

Thailand accused Cambodia on Wednesday of a "flagrant violation" of a truce deal to end cross-border fighting, saying Cambodian troops launched an overnight attack on the frontier.But Thailand's foreign ministry said its troops in Sisaket province "came under attack by small arms fire and grenade assaults launched by Cambodian forces" in an offensive which continued until Wednesday morning.

Thailand's military said that there had been attacks by Cambodian troops in at least five locations early on Tuesday, violating the ceasefire.

Thailands trade negotiations with the United States are expected to conclude before the August 1 deadline, with tariffs likely to come in lower than the previously feared 36%, Finance Minister Pichai Chunhavajira