Thailand’s richest man warns US risks losing global leadership

Dhanin Chearavanont, Thailand’s richest man and senior chairman of the Charoen Pokphand (CP) Group, has expressed concern that the United States could lose its global leadership position if foreign governments begin pulling back investments in US Treasury bonds.

Speaking to Nikkei Asia in Tokyo on May 9, the 86-year-old billionaire remarked that US trade wars have had minimal impact on his agri-food empire, largely because CP’s strategy focuses on producing and distributing within local markets. Roughly 80% of its production machinery, he added, is imported from Japan.

Dhanin was sharply critical of former President Donald Trump’s “America First” approach, calling it chaotic and damaging to US allies and the global order the US itself once championed.

“He took a reckless and impulsive stance on tariffs,” Dhanin said in Mandarin. “It may have given him short-term wins, but in the long run, it’s the United States that stands to lose.”

Despite the US national debt now surpassing $30 trillion, Dhanin maintains that the US should remain at the helm of the global economy, citing Treasury bonds as one of the most reliable financial instruments available.

“If Trump continues to undermine the global economic system, how can the US expect to thrive?” he asked. “Who would still want to invest in US assets?”

Dhanin warned that if global confidence in American fiscal policy erodes, countries may begin forming regional economic blocs to protect their own interests, effectively sidelining US leadership.

Japan’s “Trump Card”

Turning to Japan—the largest foreign holder of US debt—Dhanin suggested the country could use that leverage in future trade negotiations with Trump.

“Japan could signal that if its economy suffers from a trade war, it may need to reduce its US bond holdings,” he said.

However, Japanese finance officials have downplayed this scenario, stating recently that Japan has no intention of using its Treasury holdings as a bargaining chip.

Minimal Impact on CP Group

Thailand itself may face tariffs of up to 36% under Trump’s proposed policies. But CP Group has felt only limited effects, thanks in part to its diversified global presence. In 2024, 63% of CP Foods’ (CPF) revenue came from operations outside Thailand, with Vietnam and China being key markets.

“Our products are food,” Dhanin said. “We sell in the same countries where we produce.”

ASEAN as Japan’s Market of the Future

Dhanin urged Japan to view all ten ASEAN nations as a single growth market. He recommended that Japan’s major trading companies play a more active role in supporting small and mid-sized businesses throughout the region, where both the population and economy are expanding rapidly.

Despite its technological strengths, Dhanin described Japan as a “conservative” country, often hesitant to take risks or adapt to global shifts.

“Starting something new always carries risk,” he noted.

Nonetheless, Dhanin continues to support agricultural startups in Japan and is exploring potential collaborations, citing the country’s strong tech foundation. He emphasised that CP is investing in innovation across all sectors.

“This is the era of constant transformation,” he said. “Standing still is not an option.”

CP and Itochu: A Strategic Realignment

CP Group and Japanese trading giant Itochu have had a strategic partnership since 2014, including a cross-shareholding structure. However, Itochu announced in April that it would divest its CP shares by the end of its 2026 fiscal year. CP is also planning to sell its shares in Itochu. Despite these moves, both companies insist their strategic cooperation will continue.

Dhanin was named Thailand’s wealthiest individual in 2025 by Forbes, with an estimated net worth of 528 billion baht.