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.”
Michigan Senate hopeful Abdul El-Sayed’s unapologetic embrace of Hasan Piker
Terror suspects indicted after allegedly throwing bombs at NYC protest outside mayor’s mansion
A-10 Warthog given new maritime role targeting boats in Iran after efforts to retire aircraft
Breaking: Oil Plummets After Trump Announces Iran Ceasefire
Abortion pill mifepristone stays available by mail for now as FDA faces 6-month review deadline
Pope Leo calls out Trump’s Iran rhetoric before last-minute ceasefire emerges
Liberals tighten grip on battleground state Supreme Court in low-key but high-stakes election
American couple chasing retirement dream in Bahamas boating mystery were ‘inexperienced’: Friend
Swalwell campaign rejects ‘outrageous’ allegations of sexual misconduct as Dem activists issue viral warning
Watch: The Country Would ‘Come Unglued’ – Tim Burchett Reveals Alien Life Briefing He Attended 2 Weeks Ago
Texas man tackled by church security after bringing loaded gun, ammo to Houston service
ESPN Set to Begin Layoffs Due to ‘Unexpected Revenue Dip’: Report
Trump-backed Republican pads GOP’s fragile House majority by winning showdown for MTG’s former seat
Michigan Senate hopeful Abdul El Sayed labels Trump Netanyahu’s ‘dumba**’ over Iran war
UK Bans Kanye West: Rapper’s Presence Not ‘Conducive to the Public Good’
“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
Michigan Senate hopeful Abdul El-Sayed’s unapologetic embrace of Hasan Piker
Terror suspects indicted after allegedly throwing bombs at NYC protest outside mayor’s mansion
A-10 Warthog given new maritime role targeting boats in Iran after efforts to retire aircraft
Breaking: Oil Plummets After Trump Announces Iran Ceasefire
Abortion pill mifepristone stays available by mail for now as FDA faces 6-month review deadline
Pope Leo calls out Trump’s Iran rhetoric before last-minute ceasefire emerges
Liberals tighten grip on battleground state Supreme Court in low-key but high-stakes election
American couple chasing retirement dream in Bahamas boating mystery were ‘inexperienced’: Friend
Swalwell campaign rejects ‘outrageous’ allegations of sexual misconduct as Dem activists issue viral warning
Watch: The Country Would ‘Come Unglued’ – Tim Burchett Reveals Alien Life Briefing He Attended 2 Weeks Ago
Texas man tackled by church security after bringing loaded gun, ammo to Houston service
ESPN Set to Begin Layoffs Due to ‘Unexpected Revenue Dip’: Report
Trump-backed Republican pads GOP’s fragile House majority by winning showdown for MTG’s former seat
Michigan Senate hopeful Abdul El Sayed labels Trump Netanyahu’s ‘dumba**’ over Iran war
UK Bans Kanye West: Rapper’s Presence Not ‘Conducive to the Public Good’
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.
