US to end preferential trade status for India and Turkey
India fails to assure Washington that it will allow required market access to American firms
Washington — Washington will scrap the preferential trade status of India and Turkey, as President Donald Trump ramps up his battle against what his administration views as unfair foreign trade practices. Trump has made an overhaul of global trade and the slashing of American trade deficits a central plank of his presidency. The generalised system of preferences (GSP) programme for developing nations had granted favourable treatment to both countries for a range of manufactured goods imports, such as vehicle parts, tyres and appliance parts. But the Trump administration will end “India’s and Turkey’s designations as beneficiary developing countries” saying they no longer qualified for the reduced tariffs, US Trade Representative Robert Lighthizer said in a statement late on Monday. India, the biggest beneficiary of the GSP programme, had failed to assure Washington that it would allow required market access to American firms, and instead erected “trade barriers that create serious n...
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