Connect with us

Featured

Donald Trump May End Preferential Trade Status for India, Turkey

Published

on

US President Donald Trump has decided to scrap preferential treatment programs for India and Turkey according to media reports. Both India and Turkey are vital partners of the US Government with Turkey being a NATO member.

Why is Turkey Both Jubilant and Anxious By US Withdrawal From Syria?

The US “intends to terminate India’s and Turkey’s designations as beneficiary developing countries under the Generalized System of Preferences (GSP) program because they no longer comply with the statutory eligibility criteria,” the US Trade Representative’s Office (USTR) said in a statement on Monday.

The GSP program allows “certain products” to enter the US without facing any tariffs, given that countries meet eligibility criteria such as “providing the US with equitable and reasonable market access.”

Established in 1974 and having covered 120 countries, the GSP is the largest and oldest US trade preference program.

The Monday statement claimed India had failed to provide guarantees that it would allow the amount of market access required for by the program. The USTR also claimed that the country had “implemented a wide array of trade barriers that create serious negative effects on US commerce.”

India is known to be the world’s main GSP program beneficiary. Ending the program for the country may be the strongest punitive action taken against Delhi during Trump’s presidency.

Regarding Turkey, the statement claimed that the country had “graduated” from the program, describing that Ankara had become “sufficiently economically developed” and that it no longer qualified for the treatment.

Back in August, the USTR said that it was reviewing Turkey’s eligibility for the program due to the country’s imposed retaliatory tariffs on US goods in response to American steel and aluminium tariffs.

The new policy will be enacted by a presidential proclamation and will take effect after at least 60 days following the notification of the US Congress and the Turkish and Indian governments.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

Featured48 mins ago

Indian Aircraft Carrier Vikrant Gears Up For Commissioning As Rafales Compete Against F-18s As Its ‘Flying Machines’

The Indian Navy has completed basin trials for its first indigenous aircraft carrier (IAC-1) Vikrant, the Defense Ministry said on...

J-11-CHINA J-11-CHINA
Asia Pacific3 hours ago

Chinese J-11 Fighter Jets Conduct Large-Scale War Drills Near Indian Border – WATCH

China’s People’s Liberation Army (PLA) has conducted a series of extensive exercises with warplanes around a Western Theater Command Air...

Featured6 hours ago

Four Time Faster Than US’ Tomahawks, Why Indian BrahMos Missiles Pose A Grave Risk To China?

The Indian Navy on Tuesday successfully test-fired the anti-ship version of the supersonic cruise missile, BrahMos from stealth destroyer INS...

Asia Pacific7 hours ago

India Falls Back On European Fighter Jets To Counter Rising Menace Of Chinese Swarm Drones

To counter Chinese air defenses in Ladakh and other bordering areas, India has decided to fast-track its swarm drone system,...

S-500-RUSSIA S-500-RUSSIA
Americas17 hours ago

Bad News For F-35 Jets; Russia Set To Unveil ‘Stealth-Killer’ S-500 Missile Systems Next Year

US military experts would be watching anxiously as Russia is all set to enhance its most advanced S-400 missile system...

iranian-scientist iranian-scientist
Featured19 hours ago

Was Israeli Mossad Inspired By Hollywood Movie ‘The Jackal’ To Eliminate Top Iranian Nuclear Scientist? WATCH

Iran claims Israel used a remote-controlled weapon to kill the country’s top nuclear scientist, Mohsen Fakhrizadeh, on Friday. Another Assassination:...

Imran-Khan Imran-Khan
Featured19 hours ago

Pakistan PM Imran Khan Thanks China For Its Unwavering Stand On Kashmir Issue

Pakistan PM Imran Khan thanked the country’s strategic ally China for its “consistent” and “principled” stand on the longstanding Kashmir...

F-16 F-16
Americas19 hours ago

Canadian Firm To Buy Huge Number Of F-16 Fighter Jets From Israel; Could Exceed The Fleet Strength Of RCAF

The Israeli F-16 fighter jets are the A/B variant and were inducted into the Israel Air Force in the 1980s,...

Pakistan-FDI-china Pakistan-FDI-china
Featured22 hours ago

China, Pakistan Sign New Defense Deal Amid Rising Tensions With Common Foe – India

Amid ongoing tensions with India, China and Pakistan have signed a new military deal aimed to boost military cooperation among...

F18-India-Deal F18-India-Deal
Americas1 day ago

F-18 Super Hornets To Be Equipped With Hypersonic Missiles With A Striking Range Of Whopping 1600 Km

Australia will be testing a new air-launched hypersonic missile as part of the joint U.S-Australian program under the Southern Cross...

Advertisement
Advertisement