United States President Donald Trump has decided to scrap preferential treatment programs for India and Turkey.
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 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…