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Donald Trump confirms India will lose GSP status

USNMix Report: Trump has given India a major setback,
the status of exemption granted in business will end.

Trump said the suspension of the GSP status is now fixed. To find a way forward, we have to see how Narendra Modi is able to work with the other government. Now in this regard, formal notification can be issued at any time.

The US President Donald Trump's government has said that it is not going to retreat from its decision to end India's GSP status. Trump had announced on March 4 that he was going to take India out of the GSP program. After this, the notice period of 60 days has expired on May 3. Now in this regard, formal notification can be issued at any time. 
Donald Trump confirms India will lose GSP status

A US official said on condition of anonymity, "After the talks with Indian counterparts for the last one year, in March we had to declare that India should now be deprived of the benefits under GSP. "He said," The suspension is now fixed. Now the work is how we move forward, how do we get to work with Narendra Modi's second government to find a way forward?

The Generalized System of Preferences (GSP) is America's oldest and largest Generalized System of Preferences treatment to other countries. Under this, countries granted to countries are exempted to export thousands of goods at no charge to the US. India was the biggest beneficiary of the GSP program in 2017. In the year 2017, India exported US $ 5.7 billion under this.

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