SMM News: according to the Hindus Daily and Pakistan's UrduPoint website, US President Donald Trump announced on the evening of May 31 that under the US Generalized system of preferences (GSP) (GSP) program, The United States will terminate GSP treatment for developing countries in India on June 5, and India will lose preferential terms of trade with the United States.
In a letter to the US Congress on March 4, US President Trump expressed his intention to abolish the GSP benefits for India. "after close contact between the United States and the Indian government, I have confirmed that India has not assured the United States that it will provide fair and reasonable access to the Indian market.
On the same day, Trump issued a similar notice to Turkey, because Turkey's economy is so developed that it no longer has to enjoy GSP dividends. Trump terminated Turkey's GSP program on May 17.
The GSP to the United States covers $5.6 billion in Indian exports, and although India has received only $190 million in tariff relief, the plan has had an impact on key sectors such as textiles, leather, engineering products, gems and jewelry.
A US State Department official has revealed that it is still possible to restore subsidies if basic trade issues are resolved, but that India's loss of GSP eligibility is "certain".
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