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.”


Democrats Attempt to Bully House Republican Into Resigning Over ‘Racism’ Against Hakeem Jeffries
Career Criminal Opens Fire on Police Officers While Out on Parole for the Same Crime
Judge in Tiger Woods hearing allows access to drug records
Warsh confirmed as Fed governor, with vote on chairmanship to follow
Once doomed, Trump’s pick to carry out his economic vision clears first crucial hurdle
Court hears arguments on Missouri’s new map as Democrats try to claw back GOP redistricting gains
Virginia GOP leader blasts ‘power-hungry’ Jeffries as Dems mount ‘insane’ gambit to overpower high court
Mother’s Day dinner dispute turns violent as man accused of stabbing grandmother 11 times: police
27 cruise ship workers deported after CBP discovered trove of child pornography
Pentagon’s declassified UAP footage fuels Americans’ belief in aliens: ‘We’re not alone’
Senate weighs new, painful leverage tactic as fears of another government shutdown grow
Expert Thinks Iran’s New Ayatollah Could Be Dead, Says Top Regime Leaders Might Flee to Russia
Trump Promotes Kari Lake to Ambassador, Likely Bringing an End to Her Time Dismantling Liberal Voice of America
Jen Kiggans fends off calls to resign over radio interview
Pete Hegseth faces Congress over Pentagon’s unprecedented $1.5 trillion budget as Democrats vow to block it
See also  Trump motorcade drives across Lincoln Memorial Reflecting Pool to inspect renovation efforts

“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.”


Democrats Attempt to Bully House Republican Into Resigning Over ‘Racism’ Against Hakeem Jeffries
Career Criminal Opens Fire on Police Officers While Out on Parole for the Same Crime
Judge in Tiger Woods hearing allows access to drug records
Warsh confirmed as Fed governor, with vote on chairmanship to follow
Once doomed, Trump’s pick to carry out his economic vision clears first crucial hurdle
Court hears arguments on Missouri’s new map as Democrats try to claw back GOP redistricting gains
Virginia GOP leader blasts ‘power-hungry’ Jeffries as Dems mount ‘insane’ gambit to overpower high court
Mother’s Day dinner dispute turns violent as man accused of stabbing grandmother 11 times: police
27 cruise ship workers deported after CBP discovered trove of child pornography
Pentagon’s declassified UAP footage fuels Americans’ belief in aliens: ‘We’re not alone’
Senate weighs new, painful leverage tactic as fears of another government shutdown grow
Expert Thinks Iran’s New Ayatollah Could Be Dead, Says Top Regime Leaders Might Flee to Russia
Trump Promotes Kari Lake to Ambassador, Likely Bringing an End to Her Time Dismantling Liberal Voice of America
Jen Kiggans fends off calls to resign over radio interview
Pete Hegseth faces Congress over Pentagon’s unprecedented $1.5 trillion budget as Democrats vow to block it
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