India – Tough times ahead for finished leather exporters
Published: 12 Jun, 2019
This month the U.S.will end preferential trade status for India. President Donald Trump has confirmed, amid a deepening row over protectionism. India had been the largest beneficiary of a scheme that allows some goods to enter the U.S duty-free. However, that status will end on Wednesday.
In March, President Trump announced that he would revoked the present agreement, because India had failed to provide adequate access to its markets. On Friday he said: "It is appropriate to terminate India's designation as a beneficiary developing country."
Until now, preferential trade treatment for India under the Generalized System of Preferences (GSP) programme allowed $5.6bn (£4.3bn) worth of exports to enter the U.S duty free. The move is the latest push by the Trump administration to redress what it considers to be unfair trading relationships with other countries.
Last year, Mr Trump also imposed tariffs on steel and aluminium imports from India. To read more click here.