As a share of gross domestic product (GDP), South Korea’s trade surplus with the United States is more than twice as big as China’s, and Taiwan’s is nearly 10% of GDP.
Two countries that may be particularly vulnerable are Thailand and Vietnam.
Since 2017, Thailand’s trade gap with the United States has widened by 343%, while Vietnam’s has soared by 222%, according to economists at Citi.
Thailand now boasts the fifth-largest trade surplus with the United States, more than Japan or South Korea if European Union countries are grouped into one bloc.
That’s particularly remarkable given that Thailand’s surplus with the United States was only the 13th largest in…