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 says Greenland’s defense is ‘two dog sleds’ as he pushes for US acquisition of territory
Wild video shows federal agents detaining 2 men at Minnesota gas station as agitators gather
Trump says Iran ‘starting to’ cross US red lines as protesters die in government crackdown
Deadly avalanche claims 2 snowmobilers in Washington state backcountry, 2 rescued
Trump’s motorcade route adjusted after Secret Service finds ‘suspicious object’ at Palm Beach airport
Jacob Frey tells critics ‘sorry I offended their delicate ears’ after ICE f-bomb controversy
Street takeovers and traffic control by agitators in Minnesota cross legal lines, retired detective says
Suspect arrested after fire burns oldest Mississippi synagogue
US used sonic weapon on Venezuelan troops, report shared by Leavitt claims
Critical clue led police to suspect Chicago doctor in deaths of Ohio dentist, wife
LA Residents Still Battling Toxic Hazards in the Aftermath of Last January’s Devastating Wildfires
DHS deploying hundreds more federal agents to Minneapolis, Noem announces
Chinese Communist Party Rounds Up Members of Underground Christian Church in Crackdown
Repeat Offender Charged with Assaulting, Robbing Pregnant Woman While on Blue City’s ‘Electronic Monitoring’
Federal judge blocks Trump administration from enforcing mail-in voting rules in executive order
“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 says Greenland’s defense is ‘two dog sleds’ as he pushes for US acquisition of territory
Wild video shows federal agents detaining 2 men at Minnesota gas station as agitators gather
Trump says Iran ‘starting to’ cross US red lines as protesters die in government crackdown
Deadly avalanche claims 2 snowmobilers in Washington state backcountry, 2 rescued
Trump’s motorcade route adjusted after Secret Service finds ‘suspicious object’ at Palm Beach airport
Jacob Frey tells critics ‘sorry I offended their delicate ears’ after ICE f-bomb controversy
Street takeovers and traffic control by agitators in Minnesota cross legal lines, retired detective says
Suspect arrested after fire burns oldest Mississippi synagogue
US used sonic weapon on Venezuelan troops, report shared by Leavitt claims
Critical clue led police to suspect Chicago doctor in deaths of Ohio dentist, wife
LA Residents Still Battling Toxic Hazards in the Aftermath of Last January’s Devastating Wildfires
DHS deploying hundreds more federal agents to Minneapolis, Noem announces
Chinese Communist Party Rounds Up Members of Underground Christian Church in Crackdown
Repeat Offender Charged with Assaulting, Robbing Pregnant Woman While on Blue City’s ‘Electronic Monitoring’
Federal judge blocks Trump administration from enforcing mail-in voting rules in executive order
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.
