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.”
US conducts strike on another boat carrying suspected narco-traffickers, killing 6 people
Before-and-after satellite imagery offers a rare look at damage inside Iran
Police recover third device in ongoing Manhattan IED investigation after two arrests
Police swarm NYC street Sunday amid IED probe near Gracie Mansion
GOP senators push back against Schumer’s ‘Jim Crow 2.0’ description of SAVE Act
Officials confirm devices recovered at NYC protest near Gracie Mansion were both IEDs
NYPD confirms object thrown at protests near Gracie Mansion in Manhattan was an IED
Pro-Islam counterprotester arrested after deploying explosive device outside Mamdani residence
Trump warns Iran’s new leader won’t ‘last long’ without his approval
The unlikely tool Trump is eyeing to tackle rising oil prices amid the Iran conflict
Trump’s Name Will Be on the Tallest Tower in Australia as Trump’s Company Makes International Real Estate Move
Another ‘Day in the Life’ Video Shows Cushy Conditions at Tech Company
Trump vows block on signing new laws until SAVE America Act passes Senate
Hegseth Reveals What Happened to Trans Kindergarten Teacher Who Wore Wolf Tail Around Kids
Woke Christian Leaders Issue Letter Against Rise of ‘White Christian Nationalism’
“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
US conducts strike on another boat carrying suspected narco-traffickers, killing 6 people
Before-and-after satellite imagery offers a rare look at damage inside Iran
Police recover third device in ongoing Manhattan IED investigation after two arrests
Police swarm NYC street Sunday amid IED probe near Gracie Mansion
GOP senators push back against Schumer’s ‘Jim Crow 2.0’ description of SAVE Act
Officials confirm devices recovered at NYC protest near Gracie Mansion were both IEDs
NYPD confirms object thrown at protests near Gracie Mansion in Manhattan was an IED
Pro-Islam counterprotester arrested after deploying explosive device outside Mamdani residence
Trump warns Iran’s new leader won’t ‘last long’ without his approval
The unlikely tool Trump is eyeing to tackle rising oil prices amid the Iran conflict
Trump’s Name Will Be on the Tallest Tower in Australia as Trump’s Company Makes International Real Estate Move
Another ‘Day in the Life’ Video Shows Cushy Conditions at Tech Company
Trump vows block on signing new laws until SAVE America Act passes Senate
Hegseth Reveals What Happened to Trans Kindergarten Teacher Who Wore Wolf Tail Around Kids
Woke Christian Leaders Issue Letter Against Rise of ‘White Christian Nationalism’
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.
