New US Tariffs on 60 Countries: What It Means for Thailand Investors in 2026

On July 24, 2026, the Trump administration announced tariffs of 10-12.5% on goods from roughly 60 countries worldwide. Global stock markets sold off immediately, the US dollar surged toward a key resistance level, and investors began rotating heavily into defensive assets.

This is not the first round of trade barriers, but the scale is striking. Dozens of economies were hit simultaneously, and equity, currency, and commodity markets all moved within hours.

Quick Answer

• New US tariffs hit roughly 60 countries, with duties ranging from 10% to 12.5%

• The stated rationale is combating forced labor and unfair trade practices

• The US dollar strengthened sharply and is testing a key resistance level

• Global equity indices fell on concerns over corporate earnings and growth

• Gold and silver weakened despite the risk-off mood, as dollar strength dominated

• The euro slid further after the latest ECB meeting, adding pressure across currency markets

Key Facts

• Tariff scope: about 60 nations are affected by the new trade barriers, making this one of the largest tariff packages in recent years

• Tariff rates: set in a 10-12.5% band, meaningfully raising import costs for US companies and consumers

• Dollar strength: the DXY index is approaching a critical resistance zone; FXStreet analysts note a breakout could open the door to further dollar gains

• Euro weakness: the euro slid after the ECB's latest meeting, reinforcing the dollar's position in EUR/USD

• Precious metals: gold and silver both fell, a counterintuitive move since safe havens typically rise in risk-off conditions, but dollar strength outweighed demand this time

• Global equities came under pressure as higher trade barriers cloud earnings forecasts and growth expectations for multinational firms

• Overall sentiment shifted into risk-off territory across currencies, stocks, and commodities simultaneously, a fairly rare alignment

Dollar strength creates an interesting dynamic for Asian currencies. The Thai baht typically weakens when the dollar is strong, making Thai assets cheaper for dollar-based investors. Bloomberg data shows the baht already lost roughly 2% over the past two trading sessions.

For Southeast Asian markets, the new tariffs cut both ways. Export-driven economies in the region lose some competitiveness in the US market, but manufacturing could also shift out of China into ASEAN countries, including Thailand, echoing the pattern seen during the first wave of trade tensions in 2018-2019.

Institutional investors often look toward alternative asset classes during such periods, and real estate in stable tourism-driven regions has historically benefited from these capital flows. Thailand's own housing market offers a useful backdrop here: domestic demand has softened amid tighter credit, pushing the market toward a fourth straight year of decline, yet foreign buyers are increasingly cushioning that slump, particularly in Phuket, which has become the most internationally exposed property market in the country.

FAQ

Which countries are affected by the new US tariffs announced in July 2026?

About 60 countries are affected, with tariffs set at 10-12.5%, officially targeting nations linked to forced labor practices and unfair trade conditions.

Why is the dollar strengthening because of tariffs?

The trade barriers triggered a broad risk-off move, pushing investors toward dollar-denominated assets as a safe haven. Euro weakness following the ECB meeting further supported the dollar's rise.

Why is gold falling if markets are in risk-off mode?

It seems counterintuitive but makes sense here: dollar strength outweighed safe-haven demand. Since gold is dollar-denominated, a stronger dollar mechanically pressures the metal's price.

How do the new tariffs affect stock markets?

Global equities have sold off, as higher trade barriers weigh on corporate earnings forecasts, especially for companies with international supply chains. Markets are pricing in slower growth ahead.

How does dollar strength affect the Thai baht?

A strong dollar typically weakens the baht, meaning dollar-based investors gain purchasing power in Thailand, buying more with the same dollar amount.

Is now a good time to buy property in Thailand given the strong dollar?

A weaker baht makes Thai assets cheaper for foreign buyers. It's worth noting that Thailand has also tightened oversight of foreign land ownership structures since April, so buyers are increasingly turning to long-term leasehold structures, some offering renewal rights up to roughly 90 years, to secure property confidently under the new framework.

How long will the effects of the new tariffs last?

Historically, trade conflicts pressure markets anywhere from a few weeks to several months. The first tariff wave of 2018-2019 created turbulence that lasted more than a year.

Periods of trade instability and dollar strength have traditionally redirected part of international capital toward Southeast Asia's resort property markets. Phuket, which remains one of the region's leading tourism hubs and is increasingly favored by UAE and US capital seeking long-term residency and diversification, could be one of the beneficiaries of the current environment, particularly for investors ready to lock in a favorable exchange rate.

Source: The Business Times

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