US President Donald Trump decided to end Trade Privileges for India on June 5th this year on grounds that no assurance was given by the tricolor nation on providing equitable and reasonable access to its markets.
The Generalised System of Preference (GSP) is the largest US Trade Preference Programme which is designed to ensure economic development by permitting the duty-free entry of various products from beneficiary countries. India was the biggest beneficiary of US Preferential Trade Programme in 2017 with $5.7 billion worth products attaining duty-free. But now, Trump is in no mood to allow India to be a beneficiary.
On March 4th, The US President hinted about his decision to end India's designation as a beneficiary developing nation under the GSP Programme. 60-days notice period ends on June 3rd.
As per GSP Programme, Around 2,000 products including can attain duty-free status while entering the US if the beneficiary developing countries meet the guidelines.
Narendra Modi received a huge shock from Trump soon after he was sworn in as the Prime Minister of India for a second consecutive term. Indian Government found the decision of Trump very unfortunate but it is confident of strengthening the ties between the two nations.
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