Bangkok, Thailand — As the US presidential election approaches, Thai businesses and government agencies are advised to brace for significant economic and trade impacts. Poonpong Naiyanapakorn, director of the Trade Policy and Strategy Office, emphasized that US international trade policies over the past decade have profoundly affected global markets.

If Donald Trump secures victory, his America First Policy could intensify the trade war with China and lead to stricter trade protection measures. This would likely result in increased tariffs on imported goods, potentially reaching up to 60% on Chinese products, and reduce US assistance to conflict zones like Ukraine.

Conversely, a win for Joe Biden may see continued tariffs on Chinese strategic products such as electric vehicles, batteries, semiconductors, solar cells, steel, and aluminum. Both scenarios necessitate that Thailand closely monitors the election outcomes and adapts its trade policies accordingly.

Poonpong urged Thai agencies to enhance the country’s competitiveness, attract investments, and negotiate free-trade agreements to mitigate potential risks. Strengthening ties with trade partners, focusing on innovation and technology, and boosting the capabilities of small and medium enterprises are crucial steps in preparing for economic decoupling.

The US, a market valued at $27.36 trillion in 2023, remains Thailand’s second most important trade partner and a significant source of foreign direct investment. As such, the outcomes of the US presidential election will inevitably shape Thailand’s economic strategies and future trade policies.

In conclusion, Thailand must stay ahead of geopolitical shifts and proactively strengthen its economic resilience to navigate the potential challenges posed by the upcoming US presidential election. Strategic planning and robust international collaborations will be key to maintaining stability and fostering growth in an uncertain global landscape.