Thailand and Cambodia exchanged heavy artillery fire for a second day on Friday as their worst fighting in over a decade intensified and spread to new areas, despite international calls for a ceasefire.

Clashes on the Thailand–Cambodia border trigger martial law, disrupt trade flows, and raise investor risk across both economies.

After days of deadly border clashes that have left 34 people dead and displaced over 168,000, there are new signs of hope emerging from Southeast Asia. Mediation efforts led by former U.S. President Donald Trump appear to have prompted Cambodia and Thailand to take initial steps toward peace,