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.”
Army cuts helicopters, pushes ‘Amazon for war’ as drone combat reshapes military
Massive SPLC-linked grant under fire as watchdog exposes ties to middle school programs
Fox News True Crime Newsletter: Alex Murdaugh’s new defense, Luigi Mangione’s decision, Tyler Robinson’s fight
Rep. Tom Kean Jr. says he expects to return to Congress ‘in the next couple of weeks’ after missing 100 votes
Teen suspect tied to 12 attacks in chaotic Austin shooting spree identified as illegal alien
More than 300 arrested in sprawling California crackdown on child exploitation crimes
Former US attorney charged with felony hit-and-run after Houston crash, police say
Plan for Trump’s ‘Triumphal Arch’ Clears Another Important Hurdle with DC Commission Approval
Texas congressional candidate claims she never called for ‘internment camps’ after party leaders condemn her
UK Cops Handcuffed Dying Stabbing Victim for Racially Insulting Sikh Who Allegedly Stabbed Him
Watch: ‘Survivor’ Host’s Awkward Blunder During Live Finale Spoils Results
Breaking: NASCAR Champion Kyle Busch Dead at Age 41
DHS touts millions of illegal immigrant departures as border crossings drop 94% under Trump
‘A Galactic Blunder’: Senate Goes on Recess Until June, Missing Trump’s Deadline for ICE Funding Bill
Democrats revolt over ‘biological’ wording in women’s history museum bill
“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
Army cuts helicopters, pushes ‘Amazon for war’ as drone combat reshapes military
Massive SPLC-linked grant under fire as watchdog exposes ties to middle school programs
Fox News True Crime Newsletter: Alex Murdaugh’s new defense, Luigi Mangione’s decision, Tyler Robinson’s fight
Rep. Tom Kean Jr. says he expects to return to Congress ‘in the next couple of weeks’ after missing 100 votes
Teen suspect tied to 12 attacks in chaotic Austin shooting spree identified as illegal alien
More than 300 arrested in sprawling California crackdown on child exploitation crimes
Former US attorney charged with felony hit-and-run after Houston crash, police say
Plan for Trump’s ‘Triumphal Arch’ Clears Another Important Hurdle with DC Commission Approval
Texas congressional candidate claims she never called for ‘internment camps’ after party leaders condemn her
UK Cops Handcuffed Dying Stabbing Victim for Racially Insulting Sikh Who Allegedly Stabbed Him
Watch: ‘Survivor’ Host’s Awkward Blunder During Live Finale Spoils Results
Breaking: NASCAR Champion Kyle Busch Dead at Age 41
DHS touts millions of illegal immigrant departures as border crossings drop 94% under Trump
‘A Galactic Blunder’: Senate Goes on Recess Until June, Missing Trump’s Deadline for ICE Funding Bill
Democrats revolt over ‘biological’ wording in women’s history museum bill
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.
