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.”
Secret Service arrests two after car crash and barricade breach outside White House
Trump’s Sudden Reversal on Immigration Sparks Cries of ‘Betrayal’ from Conservatives, Cheers from Pro-Amnesty GOP Rep.
Kathy Hochul entertains massive political promotion as Democrats look ahead to 2028
Multiple Senate Republicans Throw a Wrench in John Thune’s Bid to Retain Leadership Spot
Bombshell Video – Trump Retreats on Deportations: ICE Operations ‘Too Tough,’ Deporting Millions ‘Pretty Far Right’
Bombshell Video – Trump Retreats on Deportations: ICE Operations ‘Too Tough,’ Deporting Millions ‘Pretty Far Right’
GOP faces daunting post-election test as grip on Congress nears end and more top headlines
Nvidia is ALL-IN on ‘Accelerated AI’
Nvidia is ALL-IN on ‘Accelerated AI’
Rubio defends Trump’s Iran war as not ‘necessarily popular, but necessary’
Rubio defends Trump’s Iran war as not ‘necessarily popular, but necessary’
Fake federal agents push seniors to turn savings into gold bars for couriers to collect
The next generation of workers is taking its talent and spending power to this Southern state
The next generation of workers is taking its talent and spending power to this Southern state
EXCLUSIVE: Trump’s FAA touts new AI-powered tool helping thousands of passengers avoid flight delays
“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
Secret Service arrests two after car crash and barricade breach outside White House
Trump’s Sudden Reversal on Immigration Sparks Cries of ‘Betrayal’ from Conservatives, Cheers from Pro-Amnesty GOP Rep.
Kathy Hochul entertains massive political promotion as Democrats look ahead to 2028
Multiple Senate Republicans Throw a Wrench in John Thune’s Bid to Retain Leadership Spot
Bombshell Video – Trump Retreats on Deportations: ICE Operations ‘Too Tough,’ Deporting Millions ‘Pretty Far Right’
Bombshell Video – Trump Retreats on Deportations: ICE Operations ‘Too Tough,’ Deporting Millions ‘Pretty Far Right’
GOP faces daunting post-election test as grip on Congress nears end and more top headlines
Nvidia is ALL-IN on ‘Accelerated AI’
Nvidia is ALL-IN on ‘Accelerated AI’
Rubio defends Trump’s Iran war as not ‘necessarily popular, but necessary’
Rubio defends Trump’s Iran war as not ‘necessarily popular, but necessary’
Fake federal agents push seniors to turn savings into gold bars for couriers to collect
The next generation of workers is taking its talent and spending power to this Southern state
The next generation of workers is taking its talent and spending power to this Southern state
EXCLUSIVE: Trump’s FAA touts new AI-powered tool helping thousands of passengers avoid flight delays
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.
