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.”


Trump vows to ‘unleash’ commercial fishing off New England, reversing Obama-era Atlantic restrictions
Ex-‘Squad’ Dem appears to be leaning on radical activist at center of damning Tlaib report in comeback bid
Deadly Consequences: Illegal Alien Who Was Released by Biden Administration Accused of Killing Innocent Man
Virginia Dems take tax hikes into overtime, target fantasy football leagues
Republican majority at risk? A look at the 6 GOP Senate seats most in jeopardy in midterm elections
Mob of anti-ICE activists to march on Portland mayor’s home
Epstein files implode British politics with ‘biggest scandal’ in ‘over one century’
Hegseth ending military education ties with Harvard amid Trump feud: ‘We train warriors, not wokesters’
Children’s book author Kouri Richins says scandal and notoriety poisoned her murder trial
Hegseth says National Guard members shot in DC ambush by Afghan national will receive Purple Heart
SBA freezes over 100,000 California borrowers in sweeping $9B pandemic fraud crackdown
Israeli Government-Funded ‘Mobile Museum’ Set to Visit US Churches to Promote Zionism
Hundreds of Bizarre References to ‘Pizza’ in New Epstein Documents Raise Eyebrows
Watch: NFL Players Accidentally Prove Bad Bunny Is a Horrible Choice for Super Bowl Halftime Show
Conservative firebrand vows to purge ‘RINOs’ in battle to replace retiring Vern Buchanan in open Florida seat
See also  Jeffries risks fresh fracture with Schumer over ICE funding red line

“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.”


Trump vows to ‘unleash’ commercial fishing off New England, reversing Obama-era Atlantic restrictions
Ex-‘Squad’ Dem appears to be leaning on radical activist at center of damning Tlaib report in comeback bid
Deadly Consequences: Illegal Alien Who Was Released by Biden Administration Accused of Killing Innocent Man
Virginia Dems take tax hikes into overtime, target fantasy football leagues
Republican majority at risk? A look at the 6 GOP Senate seats most in jeopardy in midterm elections
Mob of anti-ICE activists to march on Portland mayor’s home
Epstein files implode British politics with ‘biggest scandal’ in ‘over one century’
Hegseth ending military education ties with Harvard amid Trump feud: ‘We train warriors, not wokesters’
Children’s book author Kouri Richins says scandal and notoriety poisoned her murder trial
Hegseth says National Guard members shot in DC ambush by Afghan national will receive Purple Heart
SBA freezes over 100,000 California borrowers in sweeping $9B pandemic fraud crackdown
Israeli Government-Funded ‘Mobile Museum’ Set to Visit US Churches to Promote Zionism
Hundreds of Bizarre References to ‘Pizza’ in New Epstein Documents Raise Eyebrows
Watch: NFL Players Accidentally Prove Bad Bunny Is a Horrible Choice for Super Bowl Halftime Show
Conservative firebrand vows to purge ‘RINOs’ in battle to replace retiring Vern Buchanan in open Florida seat
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