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.”


Two groups form in California governor’s race, but still no clear front-runner
Former Marvel actor working with Daily Wire for action movie produced by Ben Shapiro
Watch: The Priceless Look on This Sign Language Interpreter’s Face When She Has to Sign Hateful Islamic Verses She Probably Never Knew Existed
Denver mayor orders ICE agents detained if they ‘assault or shoot’ residents
Iran and US silent as negotiations in Geneva conclude without resolution
Travis County DA faces renewed ‘soft on crime’ criticism after career criminal charged with murder
Perfect Justice: Bill Gates Confesses to Russian Connection That Trump Was Falsely Accused of for Years
Nancy Guthrie neighbors’ Ring camera captures vehicles on possible route from crime scene
Family claims casino staff mistook veteran’s illness for intoxication, delaying care before his death
Retired Air Force Major Charged for Allegedly Training Chinese Military Pilots
New Texas Poll Is Out, and Stephen Colbert and Democratic Establishment Won’t Be Happy With It
Mamdani to meet with Trump in unannounced White House visit
China expands space footprint in Latin America, raising military alarms in America’s backyard
Biden FBI spied on Susie Wiles during Trump’s campaign
GOP pushes to hold sanctuary jurisdictions’ ‘feet to the fire’ in state where Laken Riley was killed
See also  Iowa congressman took cash from Chinese companies buying American farmland

“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.”


Two groups form in California governor’s race, but still no clear front-runner
Former Marvel actor working with Daily Wire for action movie produced by Ben Shapiro
Watch: The Priceless Look on This Sign Language Interpreter’s Face When She Has to Sign Hateful Islamic Verses She Probably Never Knew Existed
Denver mayor orders ICE agents detained if they ‘assault or shoot’ residents
Iran and US silent as negotiations in Geneva conclude without resolution
Travis County DA faces renewed ‘soft on crime’ criticism after career criminal charged with murder
Perfect Justice: Bill Gates Confesses to Russian Connection That Trump Was Falsely Accused of for Years
Nancy Guthrie neighbors’ Ring camera captures vehicles on possible route from crime scene
Family claims casino staff mistook veteran’s illness for intoxication, delaying care before his death
Retired Air Force Major Charged for Allegedly Training Chinese Military Pilots
New Texas Poll Is Out, and Stephen Colbert and Democratic Establishment Won’t Be Happy With It
Mamdani to meet with Trump in unannounced White House visit
China expands space footprint in Latin America, raising military alarms in America’s backyard
Biden FBI spied on Susie Wiles during Trump’s campaign
GOP pushes to hold sanctuary jurisdictions’ ‘feet to the fire’ in state where Laken Riley was killed
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