Trump terminates India’s trade designation as developing nation

Bloomberg

US President Donald Trump terminated India’s designation as a developing nation under a trade program, eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free.
“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump
said in a proclamation. “Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019.”
The action, which the administration has threatened for months, ends India’s preferential treatment under the Generalized System of Preferences, a decades-old program designed to promote economic development.
India said on Saturday that it had offered resolutions to the US during bilateral trade discussions, and it’s “unfortunate” that those weren’t accepted.