President Donald Trump announced on Friday that the United
States would end its preferential trade treatment for India on 5th
June 2019. Earlier, in March this year he had announced the intention to remove
India from the Generalized System of Preferences (GSP) program.
Trump declared, “I have determined that India has not
assured the United States that India will provide equitable and reasonable
access to its markets.”
India is the biggest beneficiary of the GSP, which allows
preferential duty-free imports of up to US$5.6 billion from the South Asian
nation.
Indian officials have raised the prospect of higher import duties
on more than 20 products of US origin, if President Trump drops India from the
program.
The biggest point of satisfaction for India is that 24
members of the US Congress have sent a letter to the administration on 3rd
May 3 urging it not to terminate India’s access to the GSP.
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