U.S. to pull trade privileges for India, Turkey
- 5 years ago
As the U.S. and China are reportedly close to ending their trade dispute, it appears Washington is now kicking off potentially new trade wars elsewhere.
For more on this and other news around the world we turn to our Ro Aram…
Aram… President Trump is set to end preferential trade statuses for India and Turkey….
That's right Mark… the moves comes as the Trump administration is trying to fix what it sees as unfair trade practices.
The Office of the US Trade Representative made the announcement through a statement on Monday.
President Trump noted that for India, New Delhi failed to assure the U.S. it would provide reasonable access to its markets.
For Turkey, Trump said the country is "sufficiently economically developed" and no longer qualifies for what is known as Generalized System of Preferences (GSP) - a U.S. trade program that gives developing countries duty-free access to the American market.
Both countries are expected to be removed from the program within 60 days.
Turkey's trade minister slammed the move, saying it is inconsistent with the two countries' aim to increase annual bilateral trade to $75 billion.
He also said the decision would only harm American SMEs.
India's commerce ministry played down the impact of the decision saying it won't make a significant difference.
India currently enjoys 5.6 billion dollars of duty-free exports to the U.S.
The ministry also disputed Trump's claim that India is a "high-tariff" country, adding New Delhi's import tariffs on American goods are in line with WTO rates.
For more on this and other news around the world we turn to our Ro Aram…
Aram… President Trump is set to end preferential trade statuses for India and Turkey….
That's right Mark… the moves comes as the Trump administration is trying to fix what it sees as unfair trade practices.
The Office of the US Trade Representative made the announcement through a statement on Monday.
President Trump noted that for India, New Delhi failed to assure the U.S. it would provide reasonable access to its markets.
For Turkey, Trump said the country is "sufficiently economically developed" and no longer qualifies for what is known as Generalized System of Preferences (GSP) - a U.S. trade program that gives developing countries duty-free access to the American market.
Both countries are expected to be removed from the program within 60 days.
Turkey's trade minister slammed the move, saying it is inconsistent with the two countries' aim to increase annual bilateral trade to $75 billion.
He also said the decision would only harm American SMEs.
India's commerce ministry played down the impact of the decision saying it won't make a significant difference.
India currently enjoys 5.6 billion dollars of duty-free exports to the U.S.
The ministry also disputed Trump's claim that India is a "high-tariff" country, adding New Delhi's import tariffs on American goods are in line with WTO rates.