The United States presidential election, scheduled for November 5, 2024, is now just a month away and the world's attention is firmly fixed on this significant event. As a leading global power, every decision made by the United States will have far-reaching consequences for domestic policy and international relations, including those in Southeast Asia.
The continuity of economic, trade, and security relations in the region heavily depends on the direction of U.S. foreign policy after the election.
The contest between Kamala Harris and Donald Trump is not just a political rivalry; it represents a clash of two major visions that could dramatically reshape U.S. foreign policy.
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The outcome of this election has the potential to influence how the U.S. addresses global issues, especially in its dealings with China, which will have profound effects on Southeast Asia.
In this context, the "Thucydides Trap" concept becomes increasingly relevant, offering insight into the dynamics of the U.S.-China rivalry and how these tensions could impact the stability and economic growth of the region.
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Global Market Preparations Ahead of the U.S. Presidential Election
As the 2024 U.S. presidential election approaches, global markets are preparing for potential policy changes that could significantly affect international trade, investment, and geopolitical stability.
The election, scheduled for November 5, holds the potential to bring about changes that could influence the economies of both developed and developing countries. Investors and decision-makers across various sectors are closely monitoring the candidates' policy platforms, as the election outcome may reshape economic relations and market strategies in key regions, including Southeast Asia.
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Impact on Southeast Asia
The outcome of the U.S. presidential election holds significant implications for Southeast Asian economies. Countries such as Vietnam, Malaysia, and Thailand have experienced considerable economic growth through globalization and strong trade ties with the U.S. Their open-market approach has been a key driver in boosting exports and fostering economic development in the region.
However, there is rising concern over the possibility of new U.S. trade policies emerging after the election. If these policies resemble those introduced during the U.S.-China trade war, they could create major disruptions for Southeast Asia’s export-reliant economies, threatening growth and stability in sectors that are heavily dependent on international trade.
