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Trump to end trade privileges for India on June 5

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Via Yahoo Finance

WASHINGTON (Reuters) – President Donald Trump said on Friday that the United States would end its preferential trade treatment for India on June 5.

Trump had announced his intention to remove India from the Generalized System of Preferences (GSP) programme in early March.

“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump said in a statement on Friday.

India is the biggest beneficiary of the GSP, which allows preferential duty-free imports of up to $5.6 billion (4.4 billion pounds) from the South Asian nation.

Indian officials have raised the prospect of higher import duties on more than 20 U.S. goods if Trump drops India from the programme.

Twenty-four members of the U.S. Congress sent the administration a letter on May 3 urging it not to terminate India’s access to the GSP.

(Reporting by Eric Beech; Editing by Mohammad Zargham and Sonya Hepinstall)

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