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Double trouble for Asean exporters as Trump’s tariffs, currency swings bite hard

The Taiwan dollar’s record-breaking rally and sharp gains across regional currencies are piling more pressure on exporters, with Thailand among the most vulnerable

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Goh Ruoxue

Goh Ruoxue

Published Wed, May 7, 2025 · 10:49 AM
    • Thailand, the second-largest exporter of rice, is among the most vulnerable across the region to sharp currency spikes, which will hurt its exports over time.
    • Thailand, the second-largest exporter of rice, is among the most vulnerable across the region to sharp currency spikes, which will hurt its exports over time. PHOTO: REUTERS

    [SINGAPORE] South-east Asia’s exporters are facing a double whammy: a fresh surge in regional currencies in May and the looming end of US President Donald Trump’s 90-day tariff pause in July.

    Export-oriented economies facing potential new US levies and already grappling with structural competitiveness issues are especially at risk, warned experts.

    Thailand stands out on all three counts as among the most vulnerable across the region to sharp currency spikes, which will certainly hurt exports over time, said MUFG Bank’s senior currency analyst Michael Wan.

    Asean BusinessCurrenciesTrump tariffsDonald TrumpUS tariffsSingapore dollarRinggitrupiahbahtexports

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