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Trump's Trade Policies Threaten Thai Economy
Image composite: ASEN NOW Thailand is facing potential economic challenges as former US President Donald Trump's proposed tariffs are set to impact global trade, specifically targeting countries like China, and indirectly affecting others reliant on export. Trump has proposed a significant increase in tariffs, with a 20% general tariff on imports and a hefty 60% on imports from China. While his aim is to revitalise domestic jobs in the US, the ripple effects could spell trouble for Thailand, heavily reliant on its export sector. The US is Thailand's number one export destination, accounting for 17% of its export market. China's share stands at 12%, and indirectly could be as high as 17% via re-exports through neighbouring countries like Malaysia and Singapore. These countries form essential channels for Thai products to reach global markets, making them crucial partners for Thailand's economic stability. Thailand, with exports constituting 65.4% of its GDP, would be significantly affected by any slowdown in global trade, especially with such heavyweight markets being targeted by US tariffs. During the 2020 COVID-19 pandemic, Thailand's over-reliance on exports was evident when the economy contracted by 6.1%, compared to an Asean average of 3.2%. Furthermore, Trump's potential implementation of strict 'Rules of Origin' could further complicate matters, potentially limiting Thailand's capacity to mitigate tariff impacts by producing goods on behalf of foreign companies like China. These rules demand that a certain percentage of a product's components are sourced locally to qualify for tariff reductions, making it harder for countries like Thailand to bypass higher tariff costs through manufacturing collaborations. As China and Thailand both grapple with domestic issues - China with its real estate crunch and Thailand with household debts - the added pressure of altered US trade policies could push both economies towards recession, highlighting the global interconnectedness that makes such protectionist policies significantly impactful, writes Chartchai Parasuk, PhD, for Bangkok Post. -- 2024-11-14 -
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A Police Visit on Remembrance Sunday Reveals the Reality of Our Two-Tier Justice System
Off topic, this is about an incident in the UK. -
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DEI is dead! Let's celebrate the demise of that woke nonsense
Dead End Intellects -
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Running Out Of Money. Need Advice.
At least I life and have been overseas twice in 2024 to 3 different countries You should of worked more then you could of travelled too , now your jealous , lol I'm travelling again in 3 months ..booo hoo...booo hooo old man ! -
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Recommend a good foot massage place.
You as OP asked about foot massage. How is there never a real foot massage, but good luck avoiding the foot massage prostitution. -
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Ottawa Teens Arrested Over Alleged Bomb Plot Targeting Pro-Israel Rally
And deport them too. -
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Bone-chilling discovery: Thai couple ‘dig up’ mystery in old freezer at abandoned farm
Not many people would think that purchasing a rusty old freezer from an abandoned location was a good idea.
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