US suspension of preferential trade with India 'a done deal'

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US suspension of preferential trade with India 'a done deal'

May 31, 2019 11:22 IST

A day after PM Narendra Modi began his second term, the US said that the suspension of the US preferential trade agreement with India is a 'done deal'. Donald Trump in March had announced the ending of India's access to Generalised System Preferences (GSP) which requires a 60-day waiting period after the Congress is notified of the move. India is the largest beneficiary of the programme with $5.6 billion of exports to the US given duty-free status in 2017 and ending the programme is seen as Trump's strongest punitive action on the country since he assumed office.

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