Submitted on Thu, 2016-11-10 14:43
In the long run, Donald Trump’s protectionist policies may put an end to the Trans-Pacific Partnership, resulting in what could be a huge drop in Thai exports, says Thailand’s Commerce Minister.
On 9 November 2016, Apiradi Tantraporn, Thailand’s Minister of Commerce, congratulated the new US President-elect Donald J. Trump on his victory. Apiradi was, however, concerned that Trump’s strong stance against free trade will negatively affect Thailand’s economy, reported the Thai News Agency.
Apiradi predicted that in the short term, the election result will barely affect Thailand’s economy. In the long run, however, Trump may seek to eliminate the Trans-Pacific Partnership (TPP) and create a new deal which is more beneficial to America.
The change will make it more difficult and costly for Thailand to export to the US. Thailand may have to find other partnerships to maintain the nation’s economic interests since the US is one of the country’s crucial export markets, explained the Minister.
In 2015, Thai exports to the US were valued at more than 24 billion USD, 11.2 per cent of the country’s total exports. Most of these exports are electronics, rubber, jewellery, textiles and processed food.