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.”


Alberta Pastor Arrested for Refusing to Apologize for Hurting Woke Librarian’s Feelings
Huge DC Pipe Bomb Twist Changes the Story – The Biden Admin Knew
Trump hosts ‘Washington Accords’ Rwanda-Congo peace deal signing, vows US rare earths purchases
Young Americans give big thumbs down to Democrats, Republicans, Trump: poll
Trump ‘most important president in maybe 100 years’
US announces ‘reconsideration’ of ties with Tanzania amid ‘disturbing violence against civilians’
PhRMA started cutting them checks, then they started attacking its enemies
Samaritan’s Purse Plane Hijacked While on Aid Mission
WATCH: Dem lawmaker thanks Trump for pardon, says it came as a surprise amid re-election bid
Watch: Jake Tapper Masterfully Takes Down Dems, Critics Accusing Trump of Sleeping During Meeting
State Department announces renaming USIP ‘Donald J. Trump Institute of Peace’
PA school faces fury after Muslim club’s pro-Palestinian display leaves Jewish students ‘shaken’
Haitian gang leader learns sentence for orchestrating kidnapping of 16 American missionaries
Illinois church Nativity shows baby Jesus zip-tied by ICE agents
GOP dismisses off-year races as Democrats eye 2026 Senate takeover
See also  National Guard shooting suspect charged with murder: What to know

“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.”


Alberta Pastor Arrested for Refusing to Apologize for Hurting Woke Librarian’s Feelings
Huge DC Pipe Bomb Twist Changes the Story – The Biden Admin Knew
Trump hosts ‘Washington Accords’ Rwanda-Congo peace deal signing, vows US rare earths purchases
Young Americans give big thumbs down to Democrats, Republicans, Trump: poll
Trump ‘most important president in maybe 100 years’
US announces ‘reconsideration’ of ties with Tanzania amid ‘disturbing violence against civilians’
PhRMA started cutting them checks, then they started attacking its enemies
Samaritan’s Purse Plane Hijacked While on Aid Mission
WATCH: Dem lawmaker thanks Trump for pardon, says it came as a surprise amid re-election bid
Watch: Jake Tapper Masterfully Takes Down Dems, Critics Accusing Trump of Sleeping During Meeting
State Department announces renaming USIP ‘Donald J. Trump Institute of Peace’
PA school faces fury after Muslim club’s pro-Palestinian display leaves Jewish students ‘shaken’
Haitian gang leader learns sentence for orchestrating kidnapping of 16 American missionaries
Illinois church Nativity shows baby Jesus zip-tied by ICE agents
GOP dismisses off-year races as Democrats eye 2026 Senate takeover
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