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.”
At least 27 dead in Bangkok after fire breaks out at bar: Officials
Two teen suspects held after 5 family members killed in ‘targeted mass shooting’
EMS dispatch audio captures emergency response before Lindsey Graham death announcement
Medical examiner releases preliminary findings in Lindsey Graham’s death as death certificate remains pending
Mitch McConnell breaks silence on mystery hospitalization after Graham’s death
From ‘disgrace’ to ‘family’: Trump’s remarkable journey with Lindsey Graham
Some Somali Kids Allegedly Spent Their July 4 Weekend Shooting People
Dr. Phil Speaks Out Against Anti-Christian Persecution
Here’s Why Judge Blocked Blue State’s Gun Ban
Father, son killed in plane crash on way home from baseball game
Graham’s death ignites GOP scramble for Senate seat as Trump hints he already has a favorite
Huckabee: Banner at Supreme Leader’s Funeral Exposes the Real Iran
Trump Spoke to Lindsay Graham Shortly Before His Death, Offers Glowing Praise for Late Republican
Report: Hours After Lindsay Graham’s Death, Nancy Mace Is Eyeing His Senate Seat
Trial of Man Accused of Lighting Infamous Los Angeles Palisades Fire Ends Inconclusively
“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
At least 27 dead in Bangkok after fire breaks out at bar: Officials
Two teen suspects held after 5 family members killed in ‘targeted mass shooting’
EMS dispatch audio captures emergency response before Lindsey Graham death announcement
Medical examiner releases preliminary findings in Lindsey Graham’s death as death certificate remains pending
Mitch McConnell breaks silence on mystery hospitalization after Graham’s death
From ‘disgrace’ to ‘family’: Trump’s remarkable journey with Lindsey Graham
Some Somali Kids Allegedly Spent Their July 4 Weekend Shooting People
Dr. Phil Speaks Out Against Anti-Christian Persecution
Here’s Why Judge Blocked Blue State’s Gun Ban
Father, son killed in plane crash on way home from baseball game
Graham’s death ignites GOP scramble for Senate seat as Trump hints he already has a favorite
Huckabee: Banner at Supreme Leader’s Funeral Exposes the Real Iran
Trump Spoke to Lindsay Graham Shortly Before His Death, Offers Glowing Praise for Late Republican
Report: Hours After Lindsay Graham’s Death, Nancy Mace Is Eyeing His Senate Seat
Trial of Man Accused of Lighting Infamous Los Angeles Palisades Fire Ends Inconclusively
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.
