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U.S. Plans to Drop Preferred Trade Status for India, Turkey
The Trump administration says it will withdraw preferential trade status for India and Turkey, claiming that neither country qualifies for duty-free access to the U.S. market.
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The Trump administration says it will withdraw preferential trade status for India and Turkey, claiming that neither country qualifies for duty-free access to the U.S. market, BBC News reports.
The U.S. grants special trade status to countries that meet criteria set by Congress under its Generalized System of Preferences program. Among the requirements are that the countries protect U.S. intellectual property and provide reasonable access to their home markets.
Reuters says the GSP program has allowed India to avoid tariffs on $5.6 billion worth of goods shipped to the U.S. annually. President Donald Trump says in a letter to Congress that the country hasn’t provided sufficient access to its own markets to qualify for the perk. Trump’s letter also asserts that Turkey’s economy is sufficiently developed to no longer qualify for preferred trade status.
Changes in status with either country will take several months to implement.
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