Commerce: Keep an eye on the results of the US election and its impact on Thailand. Must study carefully and speed up adjustment.
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Commerce: Keep an eye on the results of the US election and its impact on Thailand. Must study carefully and speed up adjustment.
Mr. Poonphong Naiyanaphakorn, Director of the Trade Policy and Strategy Office, Ministry of Commerce, revealed that he has been following the developments regarding the US presidential election. That will take place on November 5, 2024 between Democratic Vice President Kamala Harris. and former Republican President Donald Trump closely. which is expected to have a significant impact on the Thai economy The policies of both sides are clearly different. on trade, investment, and policy issues that may affect inflation, such as
In the event that Harris wins the election More support for free trade is expected. There may be a push for the United States. Return to join the Trans-Pacific Economic Partnership Agreement (CPTPP), which will be an opportunity. Let Thailand consider joining in order to expand trade with member countries. On the other hand, if Trump returns to office. There may be a significant increase in import taxes. In particular, increasing import taxes on products from China to 60% or more, but at the same time, it may be an opportunity for more production bases to be moved from China to Thailand.
And in case Harris wins It may have a positive impact on investing in Thailand in many ways. This is especially true in clean technology and innovation. Promoting investment in renewable energy
To prepare for the uncertainty surrounding the results of the US presidential election and the policies that may follow. Thailand should take action in many areas. Starting with the business sector that should diversify risk. By expanding the export market to other regions. Apart from the United States As well as developing innovation and adding value to products to maintain competitiveness. In addition, you should follow the trade and economic policies of the United States. closely in order to adapt in a timely manner and consider investing in clean technology and alternative energy to support future energy change trends.
In the economic and financial field The government sector should prepare measures to deal with the impact of fluctuations in imported product prices. and develop domestic industries to reduce dependence on imports. In addition, the use of exchange rate risk hedging tools in the business sector should be promoted.
Director of SNOC added that Close monitoring and analysis of the situation Including preparing support measures that are flexible and can be adjusted according to the situation. It will be key to dealing with the potential impact of the US presidential election. and the economic policy that will follow Including the integration of cooperation between the public and private sectors. It will help Thailand effectively deal with challenges and seize opportunities that may arise.
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