CNI News
13 November 2024
A new US government will be formed by Donald Trump who won the election and economic commentators are discussing whether the new government will lift the economic sanctions on Myanmar or not although the US government led by Joe Biden has imposed economic sanctions on Myanmar.
The Biden government imposed economic sanctions on Myanmar since 2021 when political changes started emerging because it didn't like the administrative mechanism of Myanmar and imposed sanctions on the two banks of Myanmar government in 2023.
However, because Trump is a president who gives priority to economy, whether he would lift sanctions to an extent must be watched, U Aung Pyae Sone, a businessman, told CNI News.
While seeing trade activities
" Trump takes priority to economy than Biden does. Country leaders take first priority to the interests of their countries and other countries are second priority. How can the interests of the US impact on Myanmar? What kinds of opportunities can Myanmar win from its interests? It must be wisely watched by Myanmar. How the new US government could lift sanctions on Myanmar has to be watched." he said.
In the US presidential election held on 5th November 2024, Democratic candidate, Harris was defeated and Republican candidate, Donald Trump won.
If Harris won the election, the US sanctions on Myanmar would go on and because Trump won the election, the sanctions on Myanmar could be lifted, considered economic commentators.
Although a few sanctions imposed on Myanmar could be reduced under the US government led by Trump, it was unlikely to reduce many sanctions. However, it would not seem to worsen Myanmar, U Htay Aung Kyi, a banking expert, told CNI News.
New US President Donald Trump
" Trump can't do fully whatever he wants. There are many mutual-controls in the US constitution. The President is powerful at the parliament. But in some cases, the parliament is more powerful. Trump hasn't told his ideology yet. His attention to relations in the international environment, democracy and human rights might decrease. Whatever he wants to, there are backbones in the international relation. He won't do anything beyond the backbones. So, it might be unlikely to worsen Myanmar. But it's not possible that many sanctions will be lifted." he said.
As Trump give priority to economy, the US dollar can be strong again and the prices of foreign currencies could go up again, presumed economic commentators.
In that situation, as there are monetary inflations in Myanmar, prices of foreign currencies could go up more than the current prices. So, the central Bank should have made preparations to control the situation, suggested economic commentators.
