Donald Trump’s win in the 2024 US presidential election on Wednesday signifies a shift in the global order that Thai businesses must brace for, according to the Thai National Shippers’ Council (TNSC).
The TNSC’s chief, Chaicharn Charoensuk, noted that Trump’s America First policy would likely increase global trade divisions, particularly between the US and China, heightening tensions between these superpowers.
“Thai businesses, especially exporters, must quickly adapt to the changing situation, as other external factors could create unpredictable direct and indirect impacts at any time,” he said.
He pointed out that with the anticipated resurgence of the US-China trade conflict, Thailand should enhance its investment environment to encourage the shift of manufacturing bases from China and position itself as a central logistics hub in the region.
“Thailand must become an integral part of the supply chain that is shifting to this region, not just within Thailand itself, but also within ASEAN and India,” he said.
He also advised Thai businesses to explore new markets as a buffer against the effects of America’s evolving trade policies.
“For example, if the US adopts policies that turn against electric vehicles and focuses on internal combustion engine vehicles, this could present an opportunity for Thailand to expand its automotive parts exports to North and South America,” he said.
Moving forward, he added, Thai trade negotiations will need to account for the complexities arising from the global power divisions.
“Thailand will need to remain neutral as we have in the past, but now we also need to protect our own market from the influx of cheap Chinese imports by implementing a strict screening policy and helping local manufacturers reduce their costs through the use of new innovations,” he said.
