Trade war turn of events as some ASEAN nations believed to be undervaluing, manipulating currencies. Countries possibly facing tariffs for undervaluing currencies include Vietnam and Singapore.
Important to Vietnam fiscal stimulation and infrastructure investments, Vietnam has an external debt of slightly over 48% v the 50% cap imposed by its National Assembly. One solution Vietnam is considering is pushing out bond maturity but this can be risky for holders and Vietnam’s economy.
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Thailand, Malaysia, Philippines, Cambodia, Myanmar risk tariffs for above reasons and/or Generalized System of Preferences (GSP) privileges violations, in addition to manipulation and undervaluation. Thailand, which could risk losing its GSP status, is currently the largest ASEAN nation benefactor of GSP.
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