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.”
Revealed: The Epic 3-Word Message That Popped Up on Potentially Millions of Israeli-Hacked Iranian Phones Just Before the Bombs Dropped
Minnesota Fraud Probe Could End with Criminal Referrals, Says House Oversight Chairman
Nancy Pelosi doubles down on defending Obama’s strikes on Libya while attacking Trump: ‘Read the law’
Noem reveals Trump will have ‘big agreement’ to announce at major summit with world leaders
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
“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
Revealed: The Epic 3-Word Message That Popped Up on Potentially Millions of Israeli-Hacked Iranian Phones Just Before the Bombs Dropped
Minnesota Fraud Probe Could End with Criminal Referrals, Says House Oversight Chairman
Nancy Pelosi doubles down on defending Obama’s strikes on Libya while attacking Trump: ‘Read the law’
Noem reveals Trump will have ‘big agreement’ to announce at major summit with world leaders
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
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.
