Author: Vitaliy Dadalyan

Trucking News
26 Oct by Vitaliy Dadalyan

Trump to Suspend Thailand’s $1.3 Billion Trade Preferences

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. U.S. President Donald Trump is suspending some trade preferences for Thailand over concerns about worker rights, adding to the obstacles facing the export-reliant nation’s slowing economy.The move affects $1.3 billion in trade preferences and was sparked by Thailand’s failure to provide rights such as protection for freedom of association and collective bargaining, the Office of the U.S. Trade Representative said in a statement. The suspension takes effect in six months.The eligibility of all Thai seafood products for the so-called Generalized System of Preferences will also be revoked due to “longstanding worker rights issues in the seafood and shipping industries,” the office said.The U.S. move is a sudden worsening of ties with treaty-ally Thailand, where officials have long feared American criticism of trade policies over the Asian nation’s goods surplus and efforts to curb...