Washington sources reported that US revoked duty free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration’s tough stand on trade related issues with New Delhi. Meanwhile the federal register issued a notification, listing out 90 products which were so far subject to duty free provisions under the Generalized System of Preferences (GSP).
Meanwhile as of November 1, these products “will no longer qualify for duty free preferences under the GSP program but may continue to be imported subject to regular Most Favored Nation duty rates”. Furthermore US President Donald Trump issued a Presidential proclamation on Tuesday, leading to the removal of these products from the privilege beginning November 1. A review of the products indicates that the presidential proclamation is not country specific, but product specific. Hence with India being the largest beneficiary of the GSP, it has been hit the most by the latest decision.
Moreover the GSP, the largest and oldest US trade preference program, is designed to promote economic development by allowing duty free entry for thousands of products from designated beneficiary countries. Accordingly a count of these products indicated that at least 50 of them are from India. Notably India is the largest beneficiary of the GSP. Earlier in 2017, India’s duty free export to the US under the GSP was to the tune of more than $5.6 billion.
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