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.”
EXCLUSIVE: ICE says El Paso detention facility will stay open under new contractor after $1.2B deal scrapped
WATCH: NYC terror suspect allegedly seen purchasing fireworks fuse days before attack
Michigan man found guilty of killing wife whose body was discovered in fertilizer tank
Sen. Hyde-Smith set for November clash with Dem foe she once vanquished
9th Circuit upholds first grader’s free speech rights in ‘black lives matter’ drawing case
Special election replacing Marjorie Taylor Greene goes to runoff between Trump-endorsed candidate and Democrat
Trump Says Family Bible from His Mother Has a Powerful Revival Connection
Speaker Johnson touts Trump’s agenda as crucial blueprint ahead of midterms: ‘On the ballot’
Brett Kavanaugh Fires Back as Ketanji Brown Jackson Gets Hostile While Two Share Stage at Event
After Daughter Is Allegedly Killed by Illegal, Mom Opens Victim’s Bible and Finds Incredible Surprise Note
DOJ blasts ‘partisan’ DC Bar complaint against senior Trump official
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Fox News Poll: Voters expect AI to transform our lives — but today is not that day
Leftist Still Doesn’t Learn His Lesson After His Pro-Diversity Speech Is Interrupted by ISIS Terrorist’s Bomb
Watch: Karoline Leavitt Shoots Down Democrats’ ‘Big Myth’ About the SAVE America Act
“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
EXCLUSIVE: ICE says El Paso detention facility will stay open under new contractor after $1.2B deal scrapped
WATCH: NYC terror suspect allegedly seen purchasing fireworks fuse days before attack
Michigan man found guilty of killing wife whose body was discovered in fertilizer tank
Sen. Hyde-Smith set for November clash with Dem foe she once vanquished
9th Circuit upholds first grader’s free speech rights in ‘black lives matter’ drawing case
Special election replacing Marjorie Taylor Greene goes to runoff between Trump-endorsed candidate and Democrat
Trump Says Family Bible from His Mother Has a Powerful Revival Connection
Speaker Johnson touts Trump’s agenda as crucial blueprint ahead of midterms: ‘On the ballot’
Brett Kavanaugh Fires Back as Ketanji Brown Jackson Gets Hostile While Two Share Stage at Event
After Daughter Is Allegedly Killed by Illegal, Mom Opens Victim’s Bible and Finds Incredible Surprise Note
DOJ blasts ‘partisan’ DC Bar complaint against senior Trump official
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Fox News Poll: Voters expect AI to transform our lives — but today is not that day
Leftist Still Doesn’t Learn His Lesson After His Pro-Diversity Speech Is Interrupted by ISIS Terrorist’s Bomb
Watch: Karoline Leavitt Shoots Down Democrats’ ‘Big Myth’ About the SAVE America Act
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.
