Thai Union Group PCL said there will be no material impact on its operations after the United States Trade Representative (USTR) announced that it was ending some trade preferences for Thailand.
The USTR said it was rescinding eligibility of the few seafood products covered by the Generalized System of Preferences (GSP) in addition to numerous other products from Thailand. This will increase tariffs on those goods imported into the US. The decision will take effect in six months.
The decision will not have a material impact on Thai Union Group’s business, as no seafood or pet food products sold into the US from its operations in Thailand are currently covered by the GSP.