Windfall on Thailand from US-China trade war

BANGKOK, April 25 (TNA) - Ongoing tit-for-tat trade protectionist measures between the United States and China should become a windfall on Thailand in terms of the country's growing exports and gross domestic product (GDP). Ath Pisalvanich, Director of the International Trade Studies Center, under Bangkok-based University of the Thai Chamber of Commerce, told journalists on April 24 that the ongoing trade retaliation between the immense US and Chinese economies should prompt both countries to import more products from Thailand and other countries instead. Ath stressed that the tit-for-tat trade protectionist measures between Washington and Beijing should, thus, become a windfall on Thailand, where exports should grow by 8-20 billion baht, or an increase of about 0.10-0.25 per cent of the total value of the country's overall shipments to the world market. Besides, Thailand's GDP should grow by 2-5 billion baht, or an increase of 0.01-0.04 per cent, due to the windfall from the ongoing trade war between the US and the Chinese economies. The director acknowledged Thai exports that mainly benefit from Washington's increased tariffs on Chinese goods include natural rubber and rubber products, machines, electrical appliances and furniture products, while Thai exports of fruits, wheat, corn and processed fruits mostly gain the windfall from Beijing's increased tariffs on US goods. The director said, however, that the increased US import tariffs should affect some Thai exports, namely steel and steel products, aluminum, automobile and parts, as well as pharmaceutical and medical products, while some Thai exports being affected by the increased Chinese import tariffs include meat, soybean, cotton, as well as aircraft parts and accessories. Meanwhile, the university suggested that Thailand increase production chains with both the United States and China, enhance trade cooperation with the US economy through, for instance, a free trade agreement (FTA) and gear up for materializing the planned formation of the ASEAN+6 group and the Regional Comprehensive Economic Partnership (RCEP). (TNA)