The United States presidential election, scheduled for November 5, 2024, is only a month away, and the world’s attention is targeted on this vital event. As a number one world power, any decision the United States makes can have far-reaching consequences for domestic politics and diplomacy, including in Southeast Asia.
The continuity of economic, trade and security relations within the region depends largely on the direction of US foreign policy after the elections.
Kamala Harris’s rivalry with Donald Trump is just not only a political rivalry; represents the clash of two major visions that might radically reshape U.S. foreign policy.
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The end result of this election could impact how the United States deals with global issues, especially in its relationship with China, which can have a profound impact on Southeast Asia.
In this context, the concept of the “Thucydides trap” is becoming increasingly vital, offering insight into the dynamics of the US-China rivalry and the impact of those tensions on the soundness and economic development of the region.
Read also: Contesting Influence: China vs. the United States Geopolitical Dynamics in ASEAN
Preparations on the worldwide market before the US presidential elections
As the 2024 U.S. presidential election approaches, global markets are bracing for potential policy shifts that might significantly impact international trade, investment and geopolitical stability.
The November 5 elections have the potential to trigger changes that might impact the economies of each developed and developing countries. Investors and policymakers across sectors are closely monitoring candidates’ political platforms because the election end result could change economic relations and market strategies in key regions, including Southeast Asia.
Read also: Vietnam’s explosive economic growth: Southeast Asia’s fastest-growing economy in 2024-2034
Impact on Southeast Asia
The end result of the US presidential election can have significant consequences for the economies of Southeast Asia. Countries corresponding to Vietnam, Malaysia and Thailand have experienced significant economic growth because of globalization and powerful trade ties with the United States. Their open market approach has been a key think about increasing exports and supporting economic development within the region.
However, concerns are growing about the potential for a brand new US trade policy after the elections. If these policies resemble those implemented in the course of the US-China trade war, they may cause major disruptions to export-dependent Southeast Asian economies, threatening growth and stability in sectors heavily depending on international trade.
