BANGKOK, Thailand – The presidential election in the United States is scheduled for November 5. In light of this, the Ministry of Commerce is closely monitoring the situation, as changes in U.S. policy under the new presidency could have a significant impact on the Thai economy.
The Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce is keeping a close eye on developments surrounding the upcoming U.S. presidential election. The differing trade policies proposed by the two candidates could notably influence Thailand’s position in international trade.
Poonpong Naiyanapakorn, the Director of the TPSO, remarked that the candidates have distinctly different approaches to trade, investment, and other policies that could affect inflation rates.
He indicated that if the Democratic candidate, Kamala Harris, wins the election, she is likely to champion free trade and may seek to reintegrate the U.S. into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This development could present Thailand with an opportunity to consider joining the pact to enhance trade with other member countries.
Additionally, a potential presidency for Kamala Harris might promote technological collaboration with U.S. partners in Asia, which could benefit Thailand through technology transfers and investments in modern industries.
On the other hand, if former President Donald Trump, the Republican candidate, were to win a second term, it could lead to an increase in import taxes, particularly on goods from China. This might result in more manufacturing relocating from China to Thailand, along with a rise in demand for Thai products in the U.S. market.
Furthermore, a second term for Trump could introduce non-tax trade barriers, which would require Thai businesses to improve their manufacturing standards to maintain competitiveness.
Poonpong emphasized that the TPSO is developing a flexible response strategy that can adapt to the election results. This approach will be essential for Thailand to effectively navigate any potential policy changes. (NNT)
