New Delhi plays down the effect of the decision as just $5.6bn of trade is covered by the generalised system of preferences programme
05 March 2019 - 21:04Washington — Washington will scrap the preferential trade status of India and Turkey, as President Donald Trump ramps up his battle against what his administration views as unfair foreign trade practices.
India, the biggest beneficiary of the GSP programme, had failed to assure Washington that it would allow required market access to American firms, and instead erected “trade barriers that create serious negative effects on US commerce,” the statement said. Meanwhile, Turkey’s trade minister said Washington’s plan conflicted with the Nato allies’ push to increase commercial exchanges.
The changes cannot take effect for at least 60 days following the notification to Congress and the countries affected — a process Trump began on Monday with letters to the speaker of the House of Representatives and the president of the Senate. In his letter on Turkey, Trump said the country’s economy “has grown and diversified,” and noted that Istanbul has already “graduated from other developed countries’ GSP programmes.” The decision came as Washington and Beijing seek to negotiate an exit to the Trump administration’s most high-profile and costly trade battle.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US patience thins with Pakistan as India goes on offense | News | World | M&GAs conflict between India and Pakistan escalates to near all-out war, the United States has been thrust into a familiar position of hoping to defuse tensions — but is making no secret it faults Islamabad.
Read more »
Newsdeck: U.S., China Said Near Deal That Could End Most U.S. TariffsThe U.S. and China are close to a trade deal that could lift most or all U.S. tariffs as long as Beijing follows through on pledges ranging from better protecting intellectual-property rights to buying a significant amount of American products, two people familiar with the discussions said.
Read more »
Mexico frets over US plans to take divisive asylum policy to new cities - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The United States is aiming to ramp up in coming weeks a program to send Central American asylum seekers to Mexico to await US court dates, an experimental policy that Mexican officials and migrant shelters say risks overwhelming an underfunded system.
Read more »
US slaps new sanctions on Venezuela regime as Russia ups support - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The United States and Russia clashed Friday over how to assist crisis-wracked Venezuela, with Moscow pledging new relief channeled through President Nicolas Maduro and Washington slapping sanctions over the blocking of US aid it tried to push through the border. A day after Russia and China vetoed a US and European resolution at the UN …
Read more »
Disney bets on a new planet to wow 'Star Wars' fans at U.S. parks - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.When the 'Star Wars' galaxy is brought to life at Walt Disney Co's US theme parks later this year, fans will not step onto the iconic landscapes of Hoth or Tatooine.
Read more »
Donald Trump accused of failing to act on China’s abuse of MuslimsUS legislators highlight issue in a letter to US secretary of state Mike Pompeo
Read more »
Four killed, 11 injured as India and Pakistan trade fire on Kashmir border | IOL NewsFour civilians have been killed and 11 injured in heavy exchanges of fire between Pakistani and Indian border forces in the disputed Kashmir region.
Read more »
Pakistan does not want to go 'towards war' with India: military spokesmanPakistan does 'not want to go towards war' with India, its military spokesman said Wednesday, hours after Islamabad said it shot down two Indian warplanes in its airspace, igniting fears of an all-out conflict between the nuclear-armed neighbours.
Read more »
Rising tensions between Pakistan and India result in disruption of flights | IOL NewsSeveral airlines suspended flights to Pakistan after the South Asian nation closed its air space following heightened tensions with neighbouring India.
Read more »
Newsdeck: Pakistan bans Bollywood films amid India tensionsPakistan has placed a ban on the screening of all Bollywood films in cinemas across the country after Indian air raids further escalated tensions between the South Asian neighbours.
Read more »