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.”
President Trump claims AOC, far-left Democrats are backing away from controversial positions
EXCLUSIVE: Kennedy Center board moves to name grounds ‘President Donald J Trump Plaza’
Netanyahu mocks UK as ‘Islamic Republic of Britain’
Trump Was Right All Along About Democrats’ Late-Term Abortion Agenda
Brave widow of slain UnitedHealthcare CEO Brian Thompson comes face to face with Luigi Mangione for first time
Houston police shoot gunman who indiscriminately fired on vehicles, injuring a mother and daughter
CNN’s Scott Jennings is Too Talented for the Network – Which is Why He Should Replace Karoline Leavitt
GSA finds China-made tech labeled ‘Made in USA’ in federal procurement program, orders sweeping review
Darline Graham Nordone nabs Senate runoff endorsement from ex-primary rival Russell Fry
Danish PM calls migrants with ‘Islamic background’ the greatest threat as Europe braces for second migrant wave
‘Raw material for election fraud’: Expert flags voter-roll problems far beyond one state
Breaking: Luigi Mangione Confesses to Assassinating Health Care CEO, Pleads Guilty to Murder
Female Suspect in WWII Memorial Defacement Arrested, Jeanine Pirro Announces Felony Charges
Cuban ties put powerful US union under microscope over alleged communist influence push
This 2002 Sports Comedy Predicted the WNBA’s Trans Predicament, But Real Life is Even Funnier: Spoilers
“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
President Trump claims AOC, far-left Democrats are backing away from controversial positions
EXCLUSIVE: Kennedy Center board moves to name grounds ‘President Donald J Trump Plaza’
Netanyahu mocks UK as ‘Islamic Republic of Britain’
Trump Was Right All Along About Democrats’ Late-Term Abortion Agenda
Brave widow of slain UnitedHealthcare CEO Brian Thompson comes face to face with Luigi Mangione for first time
Houston police shoot gunman who indiscriminately fired on vehicles, injuring a mother and daughter
CNN’s Scott Jennings is Too Talented for the Network – Which is Why He Should Replace Karoline Leavitt
GSA finds China-made tech labeled ‘Made in USA’ in federal procurement program, orders sweeping review
Darline Graham Nordone nabs Senate runoff endorsement from ex-primary rival Russell Fry
Danish PM calls migrants with ‘Islamic background’ the greatest threat as Europe braces for second migrant wave
‘Raw material for election fraud’: Expert flags voter-roll problems far beyond one state
Breaking: Luigi Mangione Confesses to Assassinating Health Care CEO, Pleads Guilty to Murder
Female Suspect in WWII Memorial Defacement Arrested, Jeanine Pirro Announces Felony Charges
Cuban ties put powerful US union under microscope over alleged communist influence push
This 2002 Sports Comedy Predicted the WNBA’s Trans Predicament, But Real Life is Even Funnier: Spoilers
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.
