Economy News
India does not plan to impose retaliatory tariffs on US goods after US President Donald Trump said he intends to end India's preferential trade treatment, a top trade official said on Tuesday.Anup Wadhawan said the withdrawal of the Generalised System of Preferences for Indian products would have limited impact.
The two countries had been working on a trade package to address each other's concerns, he said.Under the GSP program, India exports $5.6 billion worth of goods to the United States duty-free.
Arguing that New Delhi had failed to assure America that it would provide equitable and reasonable access to its markets in numerous sectors, US President Donald Trump on Monday informed the US Congress about his intent to terminate the designation of India and Turkey as a beneficiary developing country under the Generalised System of Preferences (GSP) programme.
In a letter to the Speaker of the US House of Representatives, Nancy Pelosi, Trump said he was determined that New Delhi had "not assured" the United States that it would "provide equitable and reasonable access" to the markets of India.
"I will continue to assess whether the Government of India is providing equitable and reasonable access to its markets, in accordance with the GSP eligibility criteria," Trump said in his letter, a copy of which was released to the press.
In a separate letter, Trump also informed the Congress of his intent to terminate the GSP beneficiary designation of Turkey. This was primarily because the economy of Turkey had improved a lot in the last four-and-a-half decades, he said...Read More
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