President Trump effectively terminated India’s preferential trade status under the c (GSP) via proclamation Friday.
The decision removes India’s status as a beneficiary developing country, effective Wednesday.
“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump stated. “Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019.”
The Trump administration has said concerns over market access for U.S. goods being exported to India led them to withdraw the benefits, which prohibited duties on about $5.7 billion in imports in 2017, according to the Congressional Research Service.
India’s government responded in a statement, noting its desire to “find a mutually acceptable way forward.” It ultimately described Trump’s decision as “unfortunate.”
BREAKING: Iran Supreme Council Bombed While Gathering to Choose New Leadership
Watch: First Ever Footage of Israel’s ‘Iron Beam’ Laser Weapon in Wartime – This Will Drive the Unhinged ‘Jewish Space Laser’ Crowd Insane
Pilot, passenger swim to safety after plane crashes into New York’s Hudson River
Texas Democratic Senate candidates sidestep Islamic terrorism concerns following deadly Austin attack
US Embassy struck by drones in Saudi Arabia as Americans instructed to shelter in place
Trump faces first domestic test on Iran conflict with Senate war powers vote
State Department adds another country to evacuation list amid widening Iran conflict and more top headlines
UN nuclear watchdog says Iran nuclear site damaged in strikes
Rock Band Radiohead Lashes Out with Vulgar Response After ICE Uses Song to Honor Americans Killed by Illegals
Favor Returned: Israel Takes Out Iran’s Khamenei as Jews Mark 2,500 Years Since Being Saved by Persian King
Justice Department’s new policy saves $1.6 million in taxpayer dollars previously spent on transgender procedures
Supreme Court blocks California ban on notifying students’ parents about gender transitions
Cornyn wants to work with Trump to fix ‘broken’ immigration system if reelected
BREAKING: US Embassy in Riyadh, Saudi Arabia Hit by Multiple Iranian Drones
Markets Handle Iran Strikes Brilliantly as S&P 500 Has Biggest Intraday Recovery in 5 Months Finishing Positive for the Day
“India as part of our bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the US,” India’s government stated.
“India, like the US and other nations shall always uphold its national interest in these matters,” the statement continued. “We have significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the Government’s approach.”
Commerce Ministry issues a statement over designation of India as a beneficiary developing country being terminated by the US. "India had offered resolution on significant US requests to find a mutually acceptable way forward. Unfortunate that this didn't find acceptance by US." pic.twitter.com/sb0nejwcsp
— ANI (@ANI) June 1, 2019
BREAKING: Iran Supreme Council Bombed While Gathering to Choose New Leadership
Watch: First Ever Footage of Israel’s ‘Iron Beam’ Laser Weapon in Wartime – This Will Drive the Unhinged ‘Jewish Space Laser’ Crowd Insane
Pilot, passenger swim to safety after plane crashes into New York’s Hudson River
Texas Democratic Senate candidates sidestep Islamic terrorism concerns following deadly Austin attack
US Embassy struck by drones in Saudi Arabia as Americans instructed to shelter in place
Trump faces first domestic test on Iran conflict with Senate war powers vote
State Department adds another country to evacuation list amid widening Iran conflict and more top headlines
UN nuclear watchdog says Iran nuclear site damaged in strikes
Rock Band Radiohead Lashes Out with Vulgar Response After ICE Uses Song to Honor Americans Killed by Illegals
Favor Returned: Israel Takes Out Iran’s Khamenei as Jews Mark 2,500 Years Since Being Saved by Persian King
Justice Department’s new policy saves $1.6 million in taxpayer dollars previously spent on transgender procedures
Supreme Court blocks California ban on notifying students’ parents about gender transitions
Cornyn wants to work with Trump to fix ‘broken’ immigration system if reelected
BREAKING: US Embassy in Riyadh, Saudi Arabia Hit by Multiple Iranian Drones
Markets Handle Iran Strikes Brilliantly as S&P 500 Has Biggest Intraday Recovery in 5 Months Finishing Positive for the Day
India’s lawmakers have been warning of crushing economic times. Trump’s move serves as yet another blow.
Bloomberg added:
Indian lawmakers warned of a potential economic crisis. Trump’s decision was a “double whammy” after the nation “succumbed to U.S. pressure” by not buying crude oil from Iran on favorable terms, Randeep Surjewala, chief spokesman of the National Congress Party, said Saturday, according to the Economic Times.
“We urge Prime Minister Narendra Modi to make a comprehensive statement on the issue to the nation and place before the public a way forward to overcome this grave trade and economic crisis,” Surjewala told reporters.
Story cited here.
