Mr. Kris Chantanotoke, Director and CEO of Siam Commercial Bank Public Company Limited (SCB), stated many are closely focusing on Donald Trump’s policies as he officially assumes the presidency of the United States today. Among these policies, trade policy stands out as a significant challenge that demands close monitoring throughout the year. Its uncertainty has raised concerns across various parties.
The bank is also closely monitoring the situation and advising customers to prepare and adapt accordingly. This guidance helps customers understand the risks and opportunities emerging in the ASEAN region. In the past, many businesses, particularly SMEs, did not undergo significant organizational transformations, which now presents a risk if external factors affect them.
Mr. Kris stated that Thailand must find a balanced position in the trade war, staying neutral between both sides while supporting all parties. The country must also clearly highlight its neutral stand. Any misunderstanding could lead to a mistaken belief that Thailand has taken a side.
Meanwhile, Mr. Payong Srivanich, President of Krung Thai Bank Public Company Limited (SET: KTB), stated that Thailand will face increasingly severe challenges from global, regional, and national megatrends. The “Trump Impact” will lead to a turning point, as Trump is unpredictable and a skilled negotiator in convincing the market. China is also preparing for the changes. Mr. Payong forecasts that an influx of Chinese goods will enter Thailand, posing significant challenges and high risks for SMEs.
An example is when Trump announced the withdrawal from the United Nations Framework Convention on Climate Change (UNFCCC), which led six major US banks to immediately follow and withdraw from their net-zero targets. This reflects the clear market mechanism, with the US serving as a global leader. Mr. Payong also emphasized that KTB has continuously warned its customers about these risks, advising them to adapt swiftly and remain flexible.
Furthermore, Mr. Chartsiri Sophonpanich, President of Bangkok Bank Public Company Limited (SET: BBL), stated that Trump’s policies could significantly affect the trade sector. Therefore, business owners should prepare by, particularly, seeking new markets. Using technology to manage financial costs can also facilitate easier customer access and help expand into the ASEAN market.
