Kasem Prunratanamala of CGS International warns that both Thailand and Cambodia stand to lose economically from the ensuing conflict, as Thailand’s trade surplus with Cambodia becomes at risk and Cambodia’s casino industry faces a hit as Thai visitor revenues dry up.

Fighting continued between Thailand and Cambodia in a border dispute despite the prime ministers agreeing to a cease-fire in calls with President Donald Trump.

BANGKOK -- Armed clashes have broken out between Thailand and Cambodia in long-disputed border areas, rapidly escalating months-long tensions.

The Thai warning came as the U.S. expressed its grave concern about the most serious fighting in years between the Southeast Asian neighbors. The U.S. and China compete for influence in fast-growing Southeast Asia, and both have good relations with Thailand and Cambodia.

Cambodian officials are reporting 12 new deaths in its fighting with Thailand, bringing death toll on both sides to 32

As the Cambodia-Thailand border conflict enters its fourth day, monks, dancers, and civilians offer shelter, food, and aid to those over 168,000 people displaced.

"The U.S. already flunked the test and that should be a wakeup call," a former senior U.S. State Department official told Newsweek.