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.”
Netanyahu’s government fractures after ultra-Orthodox pullout over conscription
James Comer subpoenas former Biden deputy chief of staff Annie Tomasini
Grassley blocks Democrats’ call for Bove ‘whistleblower’ hearing
Teen run over by a truck while sunbathing on the beach
Innocent hiker mistaken for fugitive dad accused of killing his three daughters
Quick-Thinking Florida Teen Fights Off Alligator with Her Bare Hands: ‘Credit to God’
Cartel drones pose ‘dangerous’ drug trafficking risk in border state, official warns
Here’s the money people in each state could pocket under Trump’s ‘big beautiful bill’ savings
Trump Says He Just Learned That Adam Schiff Engaged in ‘Very Serious Crimes’
Watch: UFC Star Gets on the Phone with Trump Immediately After Big Win
Attacks on first responders would be federal crime under bipartisan bill
UK smuggled in thousands of Afghans after 2022 data leak
GOP’s Mike Rogers raises $1.5 million in bid to flip Michigan Senate seat
Republican leading House Budget Committee looks ahead after passing Big Beautiful Bill
Yankees Star Aaron Judge Includes Subtle Biblical Message on His All-Star Game Gear
“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
Netanyahu’s government fractures after ultra-Orthodox pullout over conscription
James Comer subpoenas former Biden deputy chief of staff Annie Tomasini
Grassley blocks Democrats’ call for Bove ‘whistleblower’ hearing
Teen run over by a truck while sunbathing on the beach
Innocent hiker mistaken for fugitive dad accused of killing his three daughters
Quick-Thinking Florida Teen Fights Off Alligator with Her Bare Hands: ‘Credit to God’
Cartel drones pose ‘dangerous’ drug trafficking risk in border state, official warns
Here’s the money people in each state could pocket under Trump’s ‘big beautiful bill’ savings
Trump Says He Just Learned That Adam Schiff Engaged in ‘Very Serious Crimes’
Watch: UFC Star Gets on the Phone with Trump Immediately After Big Win
Attacks on first responders would be federal crime under bipartisan bill
UK smuggled in thousands of Afghans after 2022 data leak
GOP’s Mike Rogers raises $1.5 million in bid to flip Michigan Senate seat
Republican leading House Budget Committee looks ahead after passing Big Beautiful Bill
Yankees Star Aaron Judge Includes Subtle Biblical Message on His All-Star Game Gear
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.