by | Jun 8, 2018 | News

The Office of the U.S. Trade Representatives (USTR) is reviewing the General System of Preferences (GSP) status for Indonesia, India and Kazakhstan. Should the countries switch from GSP inclusion to a Most Favored Nation (MFN) standing, the tariff rate for many U.S. imports from these three locations could spike.

For example, tariffs may increase the price of frozen crab meat even higher. Companies that import the commodity could face $1.4 million in annual tariffs. The product is sourced from the blue swimming crab, and the frozen form of the seafood (HTS 1605.10.4030) could transition from a 0% GSP rate to a 5% MFN rate.

Undercurrent News, a publication that tracks the seafood trade, cites Descartes Datamyne to note that of the 105 companies that imported frozen crab meat in 2017, five businesses imported the good at a higher frequency.

Undercurrent News-5 June 2018

Post tags: tariffs

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