Thai stocks settled lower on Monday as trade war between the U.S. and China intensified with a chance that other countries will be forced to choose sides when China warns to retaliate those that undermine Beijing’s interest.
The SET Index closed at 1,134.71 points, a decrease of 16.24 points or 1.41% with a trading value of 32 billion baht. The index was able to withstand the pressure briefly in the opening session this morning before starting to decline throughout the day.
This morning, China issued a warning indicating it will retaliate against countries collaborating with the U.S. in ways that undermine Beijing’s interests.
This caution comes as the Trump administration reportedly plans to leverage tariff negotiations to urge U.S. allies to scale back dealings with China. Recently, Trump deferred significant tariff hikes on other countries for 90 days while further increasing tariffs on Chinese imports to 145%.
The Chinese Ministry of Commerce, as per a CNBC translation, stated that China strongly disapproves of any agreements made at the expense of its interests and would not accept such deals, promising reciprocal countermeasures if necessary. The ministry also highlighted the dangers of global trade reverting to the so-called “law of the jungle.”
Following this turn of event, a rumor surfaced in the afternoon that the negotiation team set to talk with U.S. representatives in tariffs discussion on April 23 was delayed without a new schedule.
Note that there has yet to be confirmation from the Thai authority regarding this issue. Kaohoon International is fact checking and will report the finding accordingly.
