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Trump’s tariff onslaught raises Great Depression worries

Trump’s tariff onslaught raises Great Depression worries

13 Sept 06:31 Key points summarised by AI
  • President Trump's imposition of higher tariffs, including a 36% levy on Thailand, ignites fears of a global economic downturn akin to the Great Depression, threatening Thailand's export-driven economy.
  • The US justifies its tariffs by citing Thailand's high import duties, non-tariff barriers, and contentious customs practices that impede American goods from entering its market.
  • Economists forecast a significant reduction in Thailand's GDP growth due to the tariffs, suggesting the country has limited leverage and may need to concede to US demands to reduce trade barriers.
  • To counter the economic fallout, analysts advise Thailand to diversify export markets, strengthen other trade relations, enhance domestic competitiveness, and actively pursue new trade agreements.
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