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.”
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
US signals readiness to escort tankers through Hormuz as traffic thins but no mission launched
FLASHBACK: Dem Senate nominee called illegal aliens ‘constituents,’ gave advice on evading ICE
Hegseth Honors Americans Killed in Action as Operation Epic Fury Enters Second Week: ‘Their Deaths Will Not Be in Vain’
Tourist’s bird-brained Vegas stunt with flamingo lands him behind bars on felony charges
BREAKING: GOP Rep. Nancy Mace Plans to Investigate Outgoing DHS Secretary Kristi Noem: ‘We Need to Hold Our Own Accountable’
Fox News True Crime Newsletter: Nancy Guthrie’s clues, Luigi Mangione’s evidence, Idaho murders tarot cards
Democrats pressure Mike Johnson to keep House in Washington over ‘rapidly developing’ Iran operation
Newsom declares ‘Trump is in retreat’ after Noem ouster, demands Miller be ‘next’
Pentagon Declares Major AI Company a Threat to Military Supply Chain
Trump Lays Out His Demands to Iranian Leaders, Vows to ‘MIGA’ If They Comply
Farage heads to Mar-a-Lago to reinforce Trump’s opposition to Chagos Islands deal
“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
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
US signals readiness to escort tankers through Hormuz as traffic thins but no mission launched
FLASHBACK: Dem Senate nominee called illegal aliens ‘constituents,’ gave advice on evading ICE
Hegseth Honors Americans Killed in Action as Operation Epic Fury Enters Second Week: ‘Their Deaths Will Not Be in Vain’
Tourist’s bird-brained Vegas stunt with flamingo lands him behind bars on felony charges
BREAKING: GOP Rep. Nancy Mace Plans to Investigate Outgoing DHS Secretary Kristi Noem: ‘We Need to Hold Our Own Accountable’
Fox News True Crime Newsletter: Nancy Guthrie’s clues, Luigi Mangione’s evidence, Idaho murders tarot cards
Democrats pressure Mike Johnson to keep House in Washington over ‘rapidly developing’ Iran operation
Newsom declares ‘Trump is in retreat’ after Noem ouster, demands Miller be ‘next’
Pentagon Declares Major AI Company a Threat to Military Supply Chain
Trump Lays Out His Demands to Iranian Leaders, Vows to ‘MIGA’ If They Comply
Farage heads to Mar-a-Lago to reinforce Trump’s opposition to Chagos Islands deal
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.
