Trump ends India’s GSP designation
2019-06-01 at 10:51
US President Donald Trump has ended India’s designation as a beneficiary developing nation under a key trade preference programme after determining that India has not assured the US of providing “equitable and reasonable access to its markets.”
Trump said in a proclamation yesterday, ignoring the plea made by several top American lawmakers as it will cost American businesses over $300 million in additional tariffs every year, “I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets.”
“Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019.”
The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.