Finance News Opinons Politics

President Trump Terminates India’s Preferential Trade Status

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.”


As reported by Bloomberg:

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.”


Bondi and Patel named in ‘retribution’ lawsuit by ex-FBI officials
Watch: TMZ Staff Let Out Loud Cheer Seconds Before Kirk’s Death Confirmed, Then a Producer Tried to Cover
Trump to target ‘radical-left’ groups funding violence that led to ‘martyr’ Charlie Kirk’s death
NY Times and NY Yankees Go Head to Head Over Charlie Kirk’s Assassination, and the Yankees Win
Vigils held across US after assassination of Charlie Kirk: ‘We must heal’
Democrats mum on gun control but condemn political violence after Charlie Kirk assassination
Gov Spencer Cox declares Charlie Kirk killing a ‘political assassination’ at Utah campus
WATCH: Dems and Republicans clash on House floor following moment of silence for Charlie Kirk
PHOTO GALLERY: Charlie Kirk through the years
Video: Congress Members Groan, Shout ‘No’ as Boebert Asks for Anyone to Lead Prayer in Wake of Charlie Kirk’s Assassination
President Trump orders White House flags at half-staff in honor of Charlie Kirk
Video: Dem Senator Calls for ‘Whatever It Takes’ to Stop MAGA – Posted Hours Before Kirk Assassination
Supreme Court rejects South Carolina’s bid to enforce transgender bathroom ban
Breaking: They’ve Got the Suspected Shooter – FBI Dir. Kash Patel Makes Announcement to the Nation
Jury seated in trial of man accused of Trump assassination attempt
See also  Tom Homan clashes with Mika Brzezinski over ICE near a Spanish Mass and ‘disappearing people’ claims

“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.”


Bondi and Patel named in ‘retribution’ lawsuit by ex-FBI officials
Watch: TMZ Staff Let Out Loud Cheer Seconds Before Kirk’s Death Confirmed, Then a Producer Tried to Cover
Trump to target ‘radical-left’ groups funding violence that led to ‘martyr’ Charlie Kirk’s death
NY Times and NY Yankees Go Head to Head Over Charlie Kirk’s Assassination, and the Yankees Win
Vigils held across US after assassination of Charlie Kirk: ‘We must heal’
Democrats mum on gun control but condemn political violence after Charlie Kirk assassination
Gov Spencer Cox declares Charlie Kirk killing a ‘political assassination’ at Utah campus
WATCH: Dems and Republicans clash on House floor following moment of silence for Charlie Kirk
PHOTO GALLERY: Charlie Kirk through the years
Video: Congress Members Groan, Shout ‘No’ as Boebert Asks for Anyone to Lead Prayer in Wake of Charlie Kirk’s Assassination
President Trump orders White House flags at half-staff in honor of Charlie Kirk
Video: Dem Senator Calls for ‘Whatever It Takes’ to Stop MAGA – Posted Hours Before Kirk Assassination
Supreme Court rejects South Carolina’s bid to enforce transgender bathroom ban
Breaking: They’ve Got the Suspected Shooter – FBI Dir. Kash Patel Makes Announcement to the Nation
Jury seated in trial of man accused of Trump assassination attempt
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.

Share this article:
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter