Thai consumer confidence hits 27-month low in May over US tariffs
[BANGKOK] Thai consumer confidence dropped for a fourth consecutive month in May, falling to its lowest level in 27 months, due to concerns over US tariffs and a sluggish economy, a survey showed on Thursday.
The consumer index of the University of the Thai Chamber of Commerce fell to 54.2 in May from 55.4 in the previous month, the university said in a statement. REUTERS

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
an hour ago
- Straits Times
White House reviews SpaceX contracts as Trump-Musk feud simmers, sources say
A view of the SpaceX Starbase facility in Starbase, Texas, U.S., June 5, 2025, as a feud between U.S. President Donald Trump and Elon Musk escalates. REUTERS/Gabriel V. Cardenas WASHINGTON - The White House earlier this month directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts following the public blowout between President Donald Trump and billionaire Elon Musk, four people familiar with the order told Reuters. Sparking an ongoing review, the administration ordered the agencies to scrutinize Musk's contracts to ready possible retaliation against the businessman and his companies, these people said. As Reuters reported on Thursday, Pentagon officials are simultaneously considering whether to reduce the role that SpaceX, Musk's space and satellite company, may win in an ambitious new U.S. missile defense system. Reuters couldn't determine whether the White House intends to cancel any of the approximately $22 billion in federal contracts SpaceX now has. But the review shows the administration is following through on a threat by Trump during his spat with Musk last week to possibly terminate business and subsidies for Musk ventures. 'We'll take a look at everything,' the president said, speaking to reporters aboard Air Force One on June 6. In an email to Reuters, a White House spokesperson didn't answer questions about Musk's business, saying the 'Trump administration is committed to a rigorous review process for all bids and contracts.' In a separate statement, a spokesperson at NASA said the agency 'will continue to work with our industry partners to ensure the president's objectives in space are met.' Neither SpaceX nor officials at the Defense Department responded to requests for comment. The people familiar with the order said the contract scrutiny is intended to give the administration the ability to move fast if Trump decides to act against Musk, who until recently was a senior advisor to the president and the head of the cost-cutting Department of Government Efficiency, or DOGE. The review is 'for political ammunition,' one of the people said. Whether the U.S. government could legally, or practically, cancel existing contracts is unclear. But the possibility underscores concerns among governance experts that politics and personal pique could improperly influence matters affecting government coffers, national security and the public interest. 'There's an irony here that Musk's contracts could be under the same type of subjective political scrutiny that he and his DOGE team have put on thousands of other contracts,' said Scott Amey, a contracting expert and general counsel at the Project on Government Oversight, a watchdog group based in Washington. 'Any decision shouldn't be based on the egos of two men but on the best interests of the public and national security.' Musk's SpaceX in recent years has become a crucial partner of the U.S. government in much of its aerospace and defense work – launching satellites and other space cargo and potentially managing a crucial element of the 'Golden Dome' missile shield planned by Trump. Although Musk in recent days has sought to walk back some of his critiques of the president – such as calling for Trump's impeachment last week and linking him to a convicted sex offender – his outbursts nonetheless highlighted the government's reliance on SpaceX. Before reversing course, Musk threatened to decommission the company's Dragon spacecraft. The spacecraft, as part of a roughly $5 billion contract with NASA, is the only U.S. vessel currently capable of carrying astronauts to and from the International Space Station. SpaceX is also building a network of hundreds of spy satellites under a classified contract with the National Reconnaissance Office, a U.S. intelligence agency. The contract was a pivotal transaction for SpaceX, deepening its ties with U.S. defense and intelligence services. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

Straits Times
2 hours ago
- Straits Times
Trump and Japan PM discuss tariffs, Israel's attacks against Iran
FILE PHOTO: U.S. President Donald Trump shakes hands with Japan's Prime Minister Shigeru Ishiba at the White House in Washington, U.S., February 7, 2025. REUTERS/Kent Nishimura/File Photo WASHINGTON - Japanese Prime Minister Shigeru Ishiba and U.S. President Donald Trump held a phone call on Friday in which they discussed tariffs and Israel's attacks against Iran, the Japanese foreign ministry said. WHY IT'S IMPORTANT Trump has sought to leverage his tariff threats to strike bilateral trade deals with many countries, including U.S. ally Japan. Japan will remain steadfast in its request for a review of U.S. tariffs and would not accept a partial agreement, Tokyo's chief tariff negotiator Ryosei Akazawa said on Friday. On the diplomatic front, the two leaders agreed remain in close communication on Israel's strikes against Iran that began late on Thursday U.S. time and on Friday Middle East and Asia time. Japan has condemned Israel's strikes by calling them escalatory while the U.S. has called those a form of "unilateral action" and said Washington was not involved. KEY QUOTES "Prime Minister Ishiba reiterated Japan's views on the U.S. tariff measures, taking into account the results of the Japan-U.S. Consultations on the U.S. Tariff Measures to date," the Japanese foreign ministry said. It added that the two leaders "concurred to accelerate the consultations between the ministers in charge in order to achieve a mutually beneficial agreement." A White House official confirmed from the U.S. side the call had taken place on Friday. The Japanese foreign ministry added that the two leaders agreed on the importance of peace and stability in the Middle East. CONTEXT Trump and Ishiba are expected to meet in Canada on the sidelines of the Group of Seven meeting next week. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

Straits Times
4 hours ago
- Straits Times
Swiss government backs agreement strengthening economic ties to EU
FILE PHOTO: Switzerland's national flag flies beside the one of the European Union in Steinhausen, Switzerland February 11, 2020. REUTERS/Arnd Wiegmann/ File Photo ZURICH - The Swiss cabinet on Friday approved a deal struck in December with the European Union aimed at deepening bilateral economic ties and has now launched a domestic consultation process. Global geopolitical uncertainty made it a "strategic necessity" to maintain stable and predictable relations with the EU, Switzerland's top trading partner, the government said. "By fixing our economic and political relations with the EU we increase our security," Foreign Minister Ignazio Cassis told reporters, adding that Switzerland belonged to Europe not only geographically, but also economically and socially. "An old Arabic proverb says 'he who lives in peace with his neighbours sleeps without fear,'" Cassis said, noting that instability had become the "new normal". Issues such as wage protections, immigration and electricity as well as the type of referendum to be held on the accord have all been settled over the last five months. The consultation process will last until October 31, the cabinet said. After that has been completed, the package of measures will go to parliament in the first quarter of 2026, before a referendum is held, probably in 2028. Studies show the Swiss economy could suffer a cumulative economic hit of more than 520 billion Swiss francs ($640.87 billion) by 2045 without an agreement, the government said. Pursuing closer ties with Brussels is contentious in Switzerland, where nationalist opponents of closer integration say that it risks undermining the country's higher living standards and unique character. Analysts expect the government to face a tough campaign to win a referendum, and critics were quick to hit out. "Switzerland is facing a historically unprecedented treaty that will destroy the proven and successful foundations of sovereignty, direct democracy, separation of powers and federalism," said the campaign group Pro Schweiz. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.