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.”


Bipartisan lawmakers want to strip Big Tech’s legal immunity that can shield social media companies
Breaking: US Launches Strikes on Two Iranian Targets
Israeli Military Investigating After Soldier’s Picture with Mary Statue Draws Outrage from Catholic Officials
FIRST ON FOX: Top Republicans take abortion pill fight to Supreme Court, citing coercion and safety risks
Substitute teacher whose sobbing mugshot went viral reaches plea deal in sex case involving student
Six underage girls recovered in sweeping operation targeting notorious trafficking corridor
Man accused of Ilhan Omar liquid attack pleads guilty, may face 14-month sentence
Four States Are Now Monitoring Potential Hantavirus Cases
Examining the Self-Imposed Ignorance of Those Afflicted with TDS
Results vs resistance: Collins and Platner draw battle lines in Maine Senate race
Tennessee passes new map as Democratic politicians protest with airhorns
Left-wing local leader torched after griping about American flags, pushing ‘more relatable’ replacement
Swing-district Republican breaks with Trump, pushes limits on Iran war
Powerful Dem’s jabs at Trump come back to haunt her after office raided by FBI: ‘Aged well’
DeSantis hits Obama with brutal one-line response to DOJ politicization accusation: ‘Would like a word’
See also  At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk

“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.”


Bipartisan lawmakers want to strip Big Tech’s legal immunity that can shield social media companies
Breaking: US Launches Strikes on Two Iranian Targets
Israeli Military Investigating After Soldier’s Picture with Mary Statue Draws Outrage from Catholic Officials
FIRST ON FOX: Top Republicans take abortion pill fight to Supreme Court, citing coercion and safety risks
Substitute teacher whose sobbing mugshot went viral reaches plea deal in sex case involving student
Six underage girls recovered in sweeping operation targeting notorious trafficking corridor
Man accused of Ilhan Omar liquid attack pleads guilty, may face 14-month sentence
Four States Are Now Monitoring Potential Hantavirus Cases
Examining the Self-Imposed Ignorance of Those Afflicted with TDS
Results vs resistance: Collins and Platner draw battle lines in Maine Senate race
Tennessee passes new map as Democratic politicians protest with airhorns
Left-wing local leader torched after griping about American flags, pushing ‘more relatable’ replacement
Swing-district Republican breaks with Trump, pushes limits on Iran war
Powerful Dem’s jabs at Trump come back to haunt her after office raided by FBI: ‘Aged well’
DeSantis hits Obama with brutal one-line response to DOJ politicization accusation: ‘Would like a word’
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