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.”


Georgia GOP Rep Barry Loudermilk to retire, adding to wave of House exits
More than 200 people evaluated in Tennessee after carbon monoxide leak infiltrates university facility
FBI arrests 55 in massive drug ring with alleged China supplier flooding US streets with fentanyl
Hochul primary challenger picks democratic socialist, once arrested for harassment, as running mate
DC Democrats Turn Their Backs on the Clintons: ‘They Bring Nothing But Baggage’
Government lawyer who told judge ‘this job sucks’ sent back to DHS
Democrats say Clintons’ agreement to testify undercuts subpoena push, won’t bring new Epstein answers
Baltimore’s progressive mayor calls reporter ‘racist’ in heated exchange over luxury taxpayer vehicle
CBS News Pulls ’60 Minutes’ Episode After Contributor Appears in Epstein Files
Trump Calls for His Administration to Use a ‘Bit of a Softer Touch’ on Immigration Enforcement
Cities Church Attendee Reveals How the Hatred Has Continued After Leftist Church Invasion
Bill Gates Speaks Out on His Inclusion in Newly Released Epstein Documents
Noem vows criminal prosecution after catching alleged DHS ‘prolific leaker’
‘Melania’ Documentary Director Says ‘Divine Intervention’ Brought Him to the Surprise Hit Project
Anti-ICE activists plan to install 1,000 street blockades across Minneapolis
See also  Letitia James fires attorney consumer fraud over criticism of pediatric ‘gender care’

“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.”


Georgia GOP Rep Barry Loudermilk to retire, adding to wave of House exits
More than 200 people evaluated in Tennessee after carbon monoxide leak infiltrates university facility
FBI arrests 55 in massive drug ring with alleged China supplier flooding US streets with fentanyl
Hochul primary challenger picks democratic socialist, once arrested for harassment, as running mate
DC Democrats Turn Their Backs on the Clintons: ‘They Bring Nothing But Baggage’
Government lawyer who told judge ‘this job sucks’ sent back to DHS
Democrats say Clintons’ agreement to testify undercuts subpoena push, won’t bring new Epstein answers
Baltimore’s progressive mayor calls reporter ‘racist’ in heated exchange over luxury taxpayer vehicle
CBS News Pulls ’60 Minutes’ Episode After Contributor Appears in Epstein Files
Trump Calls for His Administration to Use a ‘Bit of a Softer Touch’ on Immigration Enforcement
Cities Church Attendee Reveals How the Hatred Has Continued After Leftist Church Invasion
Bill Gates Speaks Out on His Inclusion in Newly Released Epstein Documents
Noem vows criminal prosecution after catching alleged DHS ‘prolific leaker’
‘Melania’ Documentary Director Says ‘Divine Intervention’ Brought Him to the Surprise Hit Project
Anti-ICE activists plan to install 1,000 street blockades across Minneapolis
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