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.”
Congress’ incoming wealthiest member vows to crack down on politicians getting rich in office
Virginia parents charged after house party draws hundreds of teens, fireworks and alleged underage drinking
OnlyFans model Courtney Clenney moved to new prison, listed as minimum custody inmate: records
Trump’s top officials retreat behind military gates as ex-FBI deputy points to what’s fueling threats
Dem Senator Who Called for RFK Jr to ‘Resign or Be Fired’ Is Backed By Big Pharma
Inside Senate GOP’s tense post-election reckoning as Thune clashes with Republican critics
Fed Up Over Soaring Power Bills, Georgia Voters Hand Spend-Happy Democrats Power Over What They Pay for Electricity
Democrat Pushes GOP Leadership to Renew Warrantless Spying Before His Party Takes Power
Bird Flu Outbreak Rages in Blue State as Illegal Farm Hands Dodge Health Officials, Union Says
Marc Siegel hopes readers will ‘look for signs from God’ through his new book The Angels Among Us
Small town residents cry for help as immigrant influx fueled by trucking industry has unintended consequences
Pro-transgender Washington attorney general recuses himself from defending female-only sports ballot measure
UPS cargo plane, Copa Airlines passenger jet collide at Miami airport, leaving 2 injured
Breaking: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
“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
Congress’ incoming wealthiest member vows to crack down on politicians getting rich in office
Virginia parents charged after house party draws hundreds of teens, fireworks and alleged underage drinking
OnlyFans model Courtney Clenney moved to new prison, listed as minimum custody inmate: records
Trump’s top officials retreat behind military gates as ex-FBI deputy points to what’s fueling threats
Dem Senator Who Called for RFK Jr to ‘Resign or Be Fired’ Is Backed By Big Pharma
Inside Senate GOP’s tense post-election reckoning as Thune clashes with Republican critics
Fed Up Over Soaring Power Bills, Georgia Voters Hand Spend-Happy Democrats Power Over What They Pay for Electricity
Democrat Pushes GOP Leadership to Renew Warrantless Spying Before His Party Takes Power
Bird Flu Outbreak Rages in Blue State as Illegal Farm Hands Dodge Health Officials, Union Says
Marc Siegel hopes readers will ‘look for signs from God’ through his new book The Angels Among Us
Small town residents cry for help as immigrant influx fueled by trucking industry has unintended consequences
Pro-transgender Washington attorney general recuses himself from defending female-only sports ballot measure
UPS cargo plane, Copa Airlines passenger jet collide at Miami airport, leaving 2 injured
Breaking: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
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.
