trending Market Intelligence /marketintelligence/en/news-insights/trending/jpKmCGcdfq17AfS6AmZXVg2 content esgSubNav
In This List

US terminates India's special trade partner status


Street Talk | Episode 94: Recessionary fears in '22 overblown, Fed could overtighten


Insight Weekly: Cryptocurrency's growth; green bond market outlook; coal investors' windfall


Insight Weekly: Challenges for European banks; Japan's IPO slowdown; carmakers' supply woes


Investment Banking Essentials Newsletter April Edition - 2022

US terminates India's special trade partner status

The U.S. terminated India's designation as a beneficiary developing country effective June 5, canceling the Asian country's preferential access to the U.S. market.

The White House said May 31 President Donald Trump took the decision after determining that India did not assure "equitable and reasonable access to its markets." The release noted that Congress and India were notified about the decision on March 4.

Trump also removed India from the list of developing country WTO Members that are exempt from application of the safeguard measures, implemented in January 2018, on crystalline silicon photovoltaic products and large residential washers.

The Indian government said June 1 that it was "unfortunate" that the countries were unable to reach a "mutually acceptable" resolution.

"We have significant development imperatives and concerns and our people also aspire for better standards of living," a statement from India's ministry of commerce said.

"This will remain the guiding factor in the government's approach."

An executive order in November 1975 designated India as a beneficiary developing country under the Generalized System of Preferences program.

The U.S. ended its preferential trade treatment for Turkey previously in May while reducing tariffs on Turkish steel and aluminum imports to 25% from 50%.