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.”
WATCH: ‘Shocking’ Ben Franklin smear leaves Smithsonian chief with ‘no regrets’
Former CIA Director James Woolsey, Who Served Under Clinton and Later Advised Trump, Dies at 84
Montana Teen Says God Coached Him As He Used a Lasso Rope to Save Man from Drowning
Dem Rhode Island lawmaker threatens ICE: ‘Your day of reckoning will come m—– f——‘
Fox News ‘Antisemitism Exposed’ Newsletter: Why Fetterman called Mamdani a ‘clown’
Joe Rogan says ex-con guest allegedly killed man, hid dismembered remains month after podcast
Illegal Alien Released Into US by Obama Administration Charged with Killing 3 in Hit-and-Run
FIRST ON FOX: White House reveals who’s joining Trump at correspondents’ dinner — and who can’t attend
4 House Republicans rebel against Trump, vote with Dems to block Iran war powers
Gay Fox News Pundit Under Fire After Acquiring a Newborn Baby
Houthis attack two Saudi tankers, with oil prices jumping in response
One of Charlie Kirk’s Final Endorsements Wins Big in Gubernatorial Primary
AOC roasted over defense bill claim as GOP lawmaker tells her to ‘stop stoking Jew hatred’
Bill Cassidy could deliver Trump his latest Iran war rebuke after U.S. casualties
Arkansas cop tragically dies saving fiancée’s life just hours after proposing
“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
WATCH: ‘Shocking’ Ben Franklin smear leaves Smithsonian chief with ‘no regrets’
Former CIA Director James Woolsey, Who Served Under Clinton and Later Advised Trump, Dies at 84
Montana Teen Says God Coached Him As He Used a Lasso Rope to Save Man from Drowning
Dem Rhode Island lawmaker threatens ICE: ‘Your day of reckoning will come m—– f——‘
Fox News ‘Antisemitism Exposed’ Newsletter: Why Fetterman called Mamdani a ‘clown’
Joe Rogan says ex-con guest allegedly killed man, hid dismembered remains month after podcast
Illegal Alien Released Into US by Obama Administration Charged with Killing 3 in Hit-and-Run
FIRST ON FOX: White House reveals who’s joining Trump at correspondents’ dinner — and who can’t attend
4 House Republicans rebel against Trump, vote with Dems to block Iran war powers
Gay Fox News Pundit Under Fire After Acquiring a Newborn Baby
Houthis attack two Saudi tankers, with oil prices jumping in response
One of Charlie Kirk’s Final Endorsements Wins Big in Gubernatorial Primary
AOC roasted over defense bill claim as GOP lawmaker tells her to ‘stop stoking Jew hatred’
Bill Cassidy could deliver Trump his latest Iran war rebuke after U.S. casualties
Arkansas cop tragically dies saving fiancée’s life just hours after proposing
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.
